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.

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Gemini

# Gemini Outstanding supply Methodology

## 1. Overview

The Gemini outstanding supply metric measures the total amount of Gemini USD (GUSD) tokens currently in circulation. This metric tracks the net supply of GUSD by monitoring mint and burn events on the Ethereum blockchain. Outstanding supply represents the cumulative difference between all tokens minted (created) and all tokens burned (destroyed) since the token's inception. This provides a real-time view of the total GUSD token supply available in the market.

## 2. Data sources

- **Ethereum ERC20 Transfer events**: Parsed `Transfer` event logs from the Ethereum blockchain for the GUSD token contract (`0x056fd409e1d7a124bd7017459dfea2f387b6d5cd`)
- **End-of-day token price feeds**: Daily USD price data for GUSD token conversion
- **Token metadata**: GUSD token decimal information and symbol data for proper amount calculations

## 3. Step-by-step calculation

### Component A: GUSD mint identification
- **Purpose**: Identify when new GUSD tokens are created (minted)
- **Logic**: Extract all Ethereum `Transfer` events for the GUSD token contract where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). These transfers represent new token creation since tokens are being transferred from the zero address to a recipient address. Filter out any removed or invalid log entries.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component B: GUSD burn identification  
- **Purpose**: Identify when GUSD tokens are destroyed (burned)
- **Logic**: Extract all Ethereum `Transfer` events for the GUSD token contract where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). These transfers represent token destruction since tokens are being sent to addresses that effectively remove them from circulation. Filter out any removed or invalid log entries.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component C: Daily aggregation and decimal correction
- **Purpose**: Combine mint and burn events into daily net supply changes
- **Logic**: Union the mint and burn datasets, truncating all timestamps to daily boundaries. For burn events, negate the `amount` values to represent supply decreases. Apply decimal correction to convert raw token amounts to proper decimal-adjusted values based on the token's decimal places. Group all events by day and sum the corrected amounts to get net daily supply changes.
- **Key fields**: `timestamp` (daily), `chain`, `token_address`, `token_symbol`, `amount` (decimal-corrected net change)

### Component D: Cumulative supply calculation
- **Purpose**: Calculate running total outstanding supply over time
- **Logic**: Apply a cumulative sum (running total) to the daily net supply changes, ordered by timestamp and partitioned by chain and token address. This creates a time series showing the total outstanding supply at each date. Use forward-filling to ensure continuous daily values, propagating the last known supply amount to days with no mint or burn activity.
- **Key fields**: `outstanding_supply` (cumulative amount), `timestamp`, `chain`, `token_address`

### Final aggregation
- **Combining components**: The final metric combines all processing steps in sequence: mint/burn identification → daily aggregation → cumulative calculation → forward-filling
- **Currency conversion**: Convert the final outstanding supply amounts to USD using end-of-day exchange rates for the calculation date
- **Time aggregation**: Data is aggregated to daily boundaries with forward-filling to ensure no gaps in the time series
- **Final calculation**: The outstanding supply at any given date equals the cumulative sum of all historical net supply changes (mints minus burns) from token inception through that date, expressed in both token units and USD value

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

Circulating supply of stablecoins issued by the project.

Gemini

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown