PAR, issued by the Parallel Protocol smart contracts under the governance of protocol tokenholders, is a crypto-collateralized stablecoin that references the Euro (EUR) and maintains its peg through over-collateralization with deposited crypto assets. [S1]

Holders of PAR receive economic exposure to the Euro (EUR), with the token over-collateralized and backed by yield-generating correlated assets deposited as collateral. [S1] PAR can be redeemed at any time for any token used as collateral. [S1] Yield is not passed automatically to all holders; it accrues only on an opt-in basis through the Parallel savings product, which generates yield from the backing stablecoin for deposited balances. [S1]

PAR is part of the Parallel line within the Mimo Labs brand and is presented as an over-collateralized, decentralized stablecoin protocol rather than an instrument issued by a single corporate entity, and no separate corporate issuing entity for the stablecoin is named on the issuer's domains. [S1] The holder's claim takes the form of a stablecoin redeemable instantly and at any time for any token used as collateral. [S1] Redemption is effected by returning PAR for the underlying collateral tokens, and PAR is freely swappable with USD Coin (USDC) without fees or slippage. [S1]

PAR is issued onchain through the Parallel protocol, which supports mint, burn, swap, savings, stake, bridge, and migrate functions across supported public networks. [S1] Minting occurs by depositing collateral, and redemption returns the collateral tokens at any time. Swaps between USDC and PAR settle without fees or slippage. [S1]

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.mimo.capital/" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

PAR is minted by depositing crypto collateral (WBTC, USDC) with overcollateralization maintained through liquidation mechanisms.

Mimo Capital issues PAR, a crypto-backed Euro stablecoin deployed on Ethereum, Polygon, and Fantom.

Mimo Capital is a DeFi protocol focused on Euro-pegged stablecoins.

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Stablecoin issuers

Mimo Capital

Mimo Capital PAR (PAR) is a euro stablecoin issued by Mimo Capital.

Each token tracks one euro and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors can mint and redeem directly with Mimo Capital in WETH, WBTC, USDC, and ETH.

PAR has been issued on Ethereum as an ERC-20 token since December 2020, with bridged versions on two more.

Mimo Capital PARPAR