lisUSD, issued by the Lista DAO Protocol smart contracts under the governance of LISTA tokenholders, is a decentralized, over-collateralized stablecoin soft-pegged to the U.S. dollar (USD) and minted through a Collateralized Debt Position mechanism [S1][S2][S3].

Each lisUSD tracks one USD without rebasing or NAV accrual; holders mint it by locking crypto collateral including BNB, ETH, slisBNB, wBETH, and BTCB, or 1:1 from USDT and USDC through a Price Stability Module [S1][S2][S3][S4]. Holders earn by single-staking lisUSD, which accrues rewards funded by CDP borrowing interest and LISTA emissions, or by providing pool liquidity [S5][S2]. CDP borrowers pay a governance-set borrowing interest, a 13% liquidation penalty, and a 2% PSM redemption fee [S3][S4].

lisUSD is issued through smart contracts rather than a single corporate issuer, by Lista DAO, a decentralized autonomous organization with no incorporated entity or jurisdiction of formation [S5][S6][S3]. No regulatory authority has examined or approved the information in the Token Documentation [S6]. The holder's claim is a debt position against deposited collateral, not a fund interest, deposit, or security [S1][S2]. Participation is prohibited for residents of the United States, Canada, and the People's Republic of China, with identity verification required when requested [S6]. CDP holders repay borrowing interest to burn lisUSD and release collateral; PSM redemptions carry a 2% fee and a 500,000 lisUSD daily limit [S3][S4].

lisUSD is present on BNB Chain and Ethereum, with core CDP operations on BNB Chain [S5][S7]. Minting occurs via the Interaction contract calling HayJoin's exit() method; repayment burns lisUSD through join() [S3]. Liquidations run as Dutch auctions when collateral falls below the 150% Minimum Collateral Ratio [S7][S3]. Settlement is onchain and atomic per transaction, with pricing supplied by oracles [S7][S3].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://lista.org/" },
    { id: "S2", url: "https://docs.bsc.lista.org/introduction/collateral-debt-position-lisusd/lisusd" },
    { id: "S3", url: "https://docs.bsc.lista.org/for-developer/collateral-debt-position/mechanics" },
    { id: "S4", url: "https://docs.bsc.lista.org/introduction/collateral-debt-position-lisusd/lisusd/stable-pool-price-stability-module-psm" },
    { id: "S5", url: "https://docs.bsc.lista.org/" },
    { id: "S6", url: "https://docs.bsc.lista.org/disclaimers/legal-disclaimer" },
    { id: "S7", url: "https://docs.bsc.lista.org/introduction/faq" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Stablecoins

Users deposit collateral and mint lisUSD.

ListaDAO is a stablecoin issuer and asset management protocol built on Ethereum. ListaDAO, previously Helio protocol, was launched in 2022.

ListaDAO's team & investors own and govern the protocol. They currently take a cut of the total interest paid by lisUSD minters.

github

twitter

discord

website

Stablecoin issuers

Lista DAO

Lista USD (lisUSD) is a U.S. dollar stablecoin issued by Lista DAO.

Retail investors can mint and redeem directly with Lista DAO in BNB, ETH, slisBNB, wBETH, BTCB, and lisUSD.

lisUSD has been issued on BNB Chain as an ERC-20 token since August 2022.

Lista USDlisUSD