GMO Trust issues the GYEN (yen-pegged) and ZUSD (USD-pegged) stablecoins backed by 1:1 fiat reserves in insured institutions and US Treasury instruments, generating revenue through issuance and redemption services.

GMO Trust is a New York-regulated stablecoin issuer operating under GMO-Z.com Trust Company, issuing GYEN (JPY-pegged) and ZUSD (USD-pegged) stablecoins with institutional-grade compliance.

GMO-Z.com Trust Company is a subsidiary of GMO Internet Group, regulated by the New York Department of Financial Services.

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GMO-Z.com Trust Company

# GMO-Z.com Trust Company Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of GMO Trust Z.com USD stablecoin tokens currently in circulation. This metric tracks the cumulative net issuance by calculating the running total of all mint events minus all burn/redemption events from the Z.com USD smart contract on Ethereum. The calculation provides a daily time series showing how the circulating supply changes over time, with values converted to USD for standardized reporting.

## 2. Data sources

The calculation uses these underlying data sources:
- **Ethereum blockchain events**: Parsed `ZUSD_Mint_event` logs from GMO Trust v1 Ethereum smart contracts capturing token issuance transactions
- **Ethereum blockchain events**: Parsed `ZUSD_Burn_event` logs from GMO Trust v1 Ethereum smart contracts capturing token redemption and burn transactions  
- **Event metadata**: Ethereum transaction data including block timestamps, transaction hashes, and log indices for each mint and burn event
- **Token metadata**: Z.com USD token specifications including 6-decimal precision for amount normalization
- **External data**: End-of-day price feeds for converting Z.com USD token amounts to USD values

## 3. Step-by-step calculation

### Component A: Mint event extraction
- **Purpose**: Captures all Z.com USD token issuance events that increase the outstanding supply
- **Logic**: Extracts `ZUSD_Mint_event` logs from GMO Trust v1 Ethereum contracts, filtering out any removed or invalid events. Each event contains the token contract address and the minted amount. Events are normalized to include chain identifier, market sector classification as stablecoin issuers, and business segment as stablecoin issuer. The `amount` field represents the raw blockchain value before decimal adjustment.
- **Key fields**: `block_timestamp` for event timing, `transaction_hash` and `log_index` for unique identification, `address` as the token contract address, `amount` containing the raw minted quantity

### Component B: Burn event extraction  
- **Purpose**: Captures all Z.com USD token redemption and burn events that decrease the outstanding supply
- **Logic**: Extracts `ZUSD_Burn_event` logs from the same GMO Trust v1 Ethereum contracts, applying identical filtering for removed events. These events represent tokens being taken out of circulation through redemptions or burns. The structure matches mint events but represents supply decreases.
- **Key fields**: `block_timestamp` for event timing, `transaction_hash` and `log_index` for unique identification, `address` as the token contract address, `amount` containing the raw burned quantity

### Component C: Daily net change calculation
- **Purpose**: Aggregates mint and burn events into daily net supply changes
- **Logic**: Truncates all event timestamps to daily boundaries and normalizes amounts by dividing by 10^6 to account for Z.com USD's 6-decimal precision. Mint amounts remain positive while burn amounts are converted to negative values. Events are then grouped by day, chain, and token address, with amounts summed to calculate the net daily change in supply. This produces a time series of daily supply adjustments.
- **Key fields**: `timestamp` truncated to day boundaries, `chain_id` for blockchain identification, `token_address` for token identification, `amount` representing the daily net change in normalized token units

### Component D: Cumulative supply calculation
- **Purpose**: Converts daily net changes into running outstanding supply totals
- **Logic**: Applies a window function to calculate the cumulative sum of daily net changes over time. The calculation is partitioned by chain and token address and ordered by timestamp, creating a running total that represents the outstanding supply at each point in time. This transforms daily changes into the actual circulating supply metric.
- **Key fields**: `outstanding_supply` containing the cumulative sum representing total tokens in circulation at each timestamp

### Component E: Time series completion
- **Purpose**: Ensures continuous daily time series without gaps
- **Logic**: Applies forward-fill logic to handle any missing days in the data. If no mint or burn events occur on a particular day, the outstanding supply value from the previous day is carried forward. This creates a complete daily time series showing supply levels even during periods of no activity.
- **Key fields**: Forward-filled `outstanding_supply` values ensuring complete time coverage

### Final aggregation
- **Combining components**: The daily outstanding supply values flow directly from the cumulative calculation without additional combination steps
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day token price feeds applied through the conversion macro, with decimal correction disabled since amounts are already normalized
- **Time aggregation**: Data maintains daily granularity with timestamps truncated to day boundaries
- **Final calculation**: The final outstanding supply represents the cumulative sum of all historical mint events minus all burn events, converted to USD, representing the total dollar value of Z.com USD tokens currently in circulation

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

Circulating supply of stablecoins issued by the project.

GMO-Z.com Trust Company

Outstanding supply

Outstanding supply

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