MSUSD, issued by Main St Finance Ltd, is a synthetic, rebasing stablecoin pegged to the U.S. dollar (USD) that captures yield through advanced financial strategies, including delta hedging and smart contract automation [S1].

MSUSD tracks the U.S. dollar (USD) and is a yield-bearing synthetic dollar whose balances rebase to distribute returns [S1][S2]. Yield derives from short-duration box spreads that turn an institutional options-funding trade into onchain, market-neutral, USD-denominated accrual designed to have effectively no delta or gamma [S2]. Holding MSUSD also earns Gammas, an incentive point convertible to the $MS governance token, with rates subject to adjustment at Main Street's discretion [S2].

The platform is operated by Main St Finance Ltd, governed by the laws of the jurisdiction in which it is incorporated, with disputes resolved in the competent courts of that jurisdiction [S1]. The issuer claims no license and warns that synthetic stablecoins like MSUSD are subject to rapidly changing regulatory frameworks [S1]. The holder's claim is a synthetic dollar token, not a deposit or regulated fund interest [S1]. Users must be at least 18 years of age [S1]. Minting is permissionless and a direct redemption path exists [S2]. No segregation or security interest protects tokenholders, who safeguard their own private keys [S1].

MSUSD is a rebasing ERC-20-style token minted and redeemed permissionlessly through smart contracts via the app, with the related msY vault following the ERC-4626 standard on Ethereum mainnet [S2]. Collateral status is published through a live, cryptographically signed Proof of Reserves dashboard hosted by a third-party verifier, Accountable, showing a collateralization ratio and total reserves [S2][S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://mainstreet.finance/tos.pdf" },
    { id: "S2", url: "https://mainstreet.finance/" },
    { id: "S3", url: "https://por.mainstreet.finance/dashboard" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

The platform operates through smart contracts and decentralized protocols to deliver financial services with reduced intermediaries and enhanced transparency. MainStreet likely employs a token-based ecosystem to facilitate transactions and governance while generating revenue through protocol fees and service charges.

The project develops financial infrastructure and services that leverage blockchain technology to provide accessible financial products. MainStreet aims to democratize access to financial services by creating decentralized alternatives to traditional banking and investment products.

MainStreet is a blockchain-based financial platform that appears to focus on bridging traditional finance with decentralized finance solutions.

website

Stablecoin issuers

Main Street

Main Street USD (MSUSD) is a U.S. dollar stablecoin issued by Main Street.

Retail investors can mint and redeem directly with Main Street.

MSUSD has been issued on public blockchains since June 2025 and is native to Sonic and Ethereum.

Main Street USDMSUSD