Users deposit funds into Gemini account and receive GUSD at a 1:1 rate.

Gemini is a financial technology company that is the principal architect of GUSD - full-reserve fiat stablecoin that brings US dollar liquidity on-chain.

Gemini is a private company. Gemini's investors include Draper Dragon, Electric Feel Ventures etc.

twitter

website

Stablecoin issuers

Gemini

# Gemini Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating represents the total USD value of Gemini USD (GUSD) tokens in circulation, calculated by tracking the outstanding supply of GUSD tokens and converting to USD value. For stablecoins like GUSD, the circulating market cap is equivalent to the outstanding supply since all minted tokens are considered to be in circulation. This metric answers the business question of how much total value of GUSD tokens are actively circulating in the market at any given time.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Transfer` events specifically for the GUSD token contract
- **Transaction data**: Ethereum transaction records containing token transfer information
- **External data**: End-of-day price feeds for USD conversion and token metadata for decimal precision

## 3. Step-by-step calculation

### Component A: GUSD mint events
- **Purpose**: Identifies when new GUSD tokens are created and added to circulation
- **Logic**: Extracts `Transfer` events from Ethereum blockchain where GUSD tokens are transferred from the null address to any recipient address. The null address `0x0000000000000000000000000000000000000000` represents token creation/minting in ERC20 contracts. Events are filtered to include only the GUSD token contract address and exclude removed/invalid transactions.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `to_address` for recipient, `token_address` for GUSD contract, `value` for mint amount

### Component B: GUSD burn events  
- **Purpose**: Identifies when GUSD tokens are permanently removed from circulation
- **Logic**: Extracts `Transfer` events where GUSD tokens are sent to either the null address or the dead address `0x000000000000000000000000000000000000dead`. These destination addresses represent token destruction/burning. Events are filtered for the GUSD token contract and exclude removed/invalid transactions.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `from_address` for sender, `token_address` for GUSD contract, `value` for burn amount

### Component C: Outstanding supply calculation
- **Purpose**: Calculates the net outstanding supply of GUSD tokens by combining mints and burns
- **Logic**: Combines mint and burn events into a single dataset, treating burn amounts as negative values. Daily aggregation groups all mint and burn events by day. Token decimal correction is applied to convert raw token amounts to proper decimal-adjusted values. A cumulative sum calculation uses a window function to track running outstanding supply over time, partitioned by token contract and ordered by date.
- **Key fields**: `timestamp` truncated to daily grain, `amount` with burns as negative values, `outstanding_supply` as cumulative sum, `token_address` and `token_symbol` for identification

### Final aggregation
- **Combining components**: Outstanding supply values are forward-filled to ensure complete daily time series with no gaps
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds, with the conversion applied to the final calculated supply values
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation
- **Final calculation**: The outstanding supply value in USD becomes the asset market cap circulating metric, representing the total USD value of GUSD tokens in active circulation

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Gemini

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown