rwaUSD, issued by Multipli.fi, BRS Tech Services, is a credit-backed stablecoin that aggregates fragmented tokenized real-world assets into a single standardized onchain collateral token referencing the U.S. dollar (USD) at a fixed 1:1 net asset value [S1][S2].

rwaUSD is backed by highly liquid, institutional-grade tokenized real-world assets including U.S. Treasury-backed stablecoins, money market instruments, tokenized government securities, and tokenized gold [S1][S2][S3]. The token itself does not embed yield; holding rwaUSD alone implies no guaranteed return [S4]. Holders earn only by actively deploying rwaUSD into DeFi vaults or delegated allocations [S4]. Tokenization costs, issuance and redemption charges, stability fees, and PegRail swap spreads are deducted automatically by smart contract [S5][S6].

Multipli is not registered or licensed by any regulatory agency or authority, and operates as a technical software protocol providing software infrastructure only, not a bank, broker-dealer, or investment advisor [S5][S7]. Governing law is England and Wales, with disputes arbitrated at the Dubai International Financial Centre (DIFC) [S5][S7]. Units represent a digital claim against underlying assets, expressly not equity, securities, deposits, or guaranteed products [S5]. Residents of the United States, Canada, and sanctioned territories are excluded [S5]. Redemption burns tokens to recover underlying assets, with a Lloyd's of London insurance framework supplementing custodial protection across diversified issuers and custodians [S2][S8].

rwaUSD is an ERC-20 token natively issued on Ethereum and INK, with cross-chain transfer via Chainlink CCIP using burn-on-source and mint-on-destination pools [S9]. Minting deposits supported tokenized assets subject to Mint-to-Value limits [S2]. Pricing uses a Price Router and Feed Verifier accepting signed price messages; T-bills publish signed NAV with daily drift bounds, gold uses XAU/USD spot [S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://multipli.fi/" },
    { id: "S2", url: "https://docs.multipli.fi/rwausd/how-rwausd-works.md" },
    { id: "S3", url: "https://docs.multipli.fi/technical-architecture/collateral-and-oracle-profile.md" },
    { id: "S4", url: "https://docs.multipli.fi/yield-mechanism/yield-mechanics-for-rwausd.md" },
    { id: "S5", url: "https://docs.multipli.fi/legal/protocol-terms-of-use.md" },
    { id: "S6", url: "https://docs.multipli.fi/technical-architecture/unwind-and-peg-module.md" },
    { id: "S7", url: "https://docs.multipli.fi/legal/standard-website-terms-of-use.md" },
    { id: "S8", url: "https://docs.multipli.fi/risks/issuer-custody-and-operational-risk.md" },
    { id: "S9", url: "https://docs.multipli.fi/technical-architecture/rwausd-contract-addresses.md" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Stablecoins

Multipli mints rwaUSD (open class) and rwaUSDi (compliance-gated class) against tokenized RWA collateral such as U.S. Treasuries, tokenized gold, and market-neutral funds, earning fees on issuance and redemption.

Multipli is a multi-chain stablecoin platform issuing RWA-backed dollar tokens (rwaUSD and rwaUSDi) across Ethereum, Arbitrum, Base, and Monad. The protocol packages tokenized U.S. Treasuries, gold, and market-neutral funds into stable dollar instruments for DeFi use.

Multipli is a multi-chain RWA platform founded by Wajahat Sajjad (CEO) and team, focused on tokenizing real-world yield instruments for DeFi liquidity.

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Stablecoin issuers

Multipli

Multipli rwaUSD (rwaUSD) is a U.S. dollar stablecoin issued by Multipli.

Each token tracks U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with Multipli in PAXG after completing KYC.

rwaUSD has been issued on Ethereum as an ERC-20 token since April 2026.

Multipli rwaUSDrwaUSD