Users deposit funds into Membrane account and receive EUROe at a 1:1 rate.

Membrane Finance is a financial technology company that is the principal architect of EUROe - an EU regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain.

Membrane Finance is a private limited liability company registered in Finland and a subsidiary of Equilibrium Group.

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Membrane Finance

# Membrane Finance Outstanding supply Methodology

## 1. Overview

The outstanding supply metric measures the total circulating supply of EUROe stablecoin issued by Membrane Finance across multiple blockchain networks. This metric tracks the cumulative net issuance (mints minus burns) of EUROe tokens over time, providing a daily time series of the total outstanding token supply in both native token units and USD value. The calculation identifies mint and burn events from blockchain transaction logs and maintains a running total of the circulating supply.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed ERC-20 `Transfer` events from Ethereum, Polygon, and Arbitrum blockchains for specific EUROe token contracts
- **Token transfers**: ERC-20 token transfer records containing transaction details, addresses, and amounts from blockchain event logs
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal precision correction
- **Data types**: Daily transaction event data, token contract metadata, and historical price data

## 3. Step-by-step calculation

### Component A: EUROe mint event identification
- **Purpose**: Identifies all EUROe token mint (issuance) events across supported blockchains
- **Logic**: Filters parsed `Transfer` events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Processes events from three specific EUROe token contracts: Ethereum and Polygon use address `0x820802fa8a99901f52e39acd21177b0be6ee2974`, while Arbitrum uses `0xcf985aba4647a432e60efceeb8054bbd64244305`. Only includes non-removed events to ensure data quality.
- **Key fields**: Extracts `block_timestamp`, `transaction_hash`, `log_index`, `to_address` (recipient), `value` (mint amount), and enriches with business classification metadata including market sector as 'stablecoin_issuers' and product as 'euroe'

### Component B: EUROe burn event identification  
- **Purpose**: Identifies all EUROe token burn (destruction) events across supported blockchains
- **Logic**: Filters parsed `Transfer` events where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`), indicating token destruction. Uses the same token contract addresses as mint identification and excludes removed events.
- **Key fields**: Extracts the same event details as mint events but identifies transfers to burn addresses rather than from null addresses

### Component C: Daily supply change calculation
- **Purpose**: Combines mint and burn events to calculate net daily supply changes
- **Logic**: Unions mint and burn event data, truncating all timestamps to daily boundaries using day-level granularity. Negates burn amounts to represent supply reduction while keeping mint amounts positive. Applies decimal correction using token metadata to convert raw blockchain amounts to proper token units. Groups all events by day, chain, and token address, then sums the net amounts to calculate daily supply changes.
- **Key fields**: Processes `timestamp` (truncated to day), `chain`, `token_address`, and `amount` (corrected for decimals and signed appropriately)

### Final aggregation
- **Combining components**: All mint and burn events are combined into a single dataset with appropriate amount signs (positive for mints, negative for burns)
- **Currency conversion**: Applies end-of-day price feeds to convert token amounts to USD values using standard conversion macros
- **Time aggregation**: Groups events by daily boundaries and calculates running cumulative supply using window functions partitioned by chain and token address, ordered chronologically
- **Final calculation**: The outstanding supply at any given day equals the cumulative sum of all net supply changes (mints minus burns) from the token's inception through that date. Forward-fill logic ensures no gaps exist in the daily time series, and a zero-fill strategy handles missing values in the final metric output.

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

Circulating supply of stablecoins issued by the project.

Membrane Finance

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown