rwaUSDi, issued by Multipli.fi, BRS Tech Services, is the institutional, KYB-gated credit class of a real-world-asset-backed U.S. dollar (USD) stablecoin that aggregates tokenized real-world assets into a standardized onchain collateral token for tokenized private markets [S1][S2].

rwaUSDi tracks the U.S. dollar and is backed by tokenized real-world assets carrying scheduled redemption windows, including market-neutral funds and non-instantly-liquid instruments, distinct from the open rwaUSD primary liquidity class backed by short-duration U.S. Treasuries and highly liquid tokenized gold [S3][S1]. rwaUSD does not promise yield; it enables yield only when holders actively deploy into DeFi or delegate to curated asset managers [S4]. Holders bear tokenization, issuance, redemption, stability, auto-settle, and infrastructure fees deducted automatically by smart contract [S5].

The operator is named as Multipli.fi, BRS Tech Services, its parent or holding companies, subsidiaries, and affiliates; governing law is England and Wales, with arbitration seated at the Dubai International Financial Centre (DIFC) [S5][S6]. Multipli is not registered or licensed by any regulatory agency and provides software infrastructure only [S6][S5]. Units are not equity, securities, deposits, or guaranteed products, representing a digital claim against underlying assets [S5]. Access is restricted to KYB-verified institutions, excluding residents of the United States, Canada, and sanctioned territories [S1][S5]. Redemption burns tokens to recover collateral, respecting each asset's redemption windows, subject to programmatic smart contract locks [S3][S5].

rwaUSD is an ERC-20 token with native issuance on Ethereum and INK, with cross-chain transfer via Chainlink CCIP using burn-on-source and mint-on-destination pools [S7]. Minting deposits supported tokenized assets subject to Mint-to-Value limits [S8]. Pricing uses signed NAV feeds with daily drift bounds for Treasuries, oracle and DEX time-weighted prices for stablecoins, and XAU/USD spot for gold [S9].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.multipli.fi/rwausd/liquidity-classes-why-segmentation-by-design/rwausdi-the-institutional-credit-layer-for-tokenized-private-markets.md" },
    { id: "S2", url: "https://multipli.fi/" },
    { id: "S3", url: "https://docs.multipli.fi/risks/liquidity-and-redemption-risk.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/legal/standard-website-terms-of-use.md" },
    { id: "S7", url: "https://docs.multipli.fi/technical-architecture/rwausd-contract-addresses.md" },
    { id: "S8", url: "https://docs.multipli.fi/rwausd/how-rwausd-works.md" },
    { id: "S9", url: "https://docs.multipli.fi/technical-architecture/collateral-and-oracle-profile.md" },
  ]}
/>


# 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

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

Institutions can mint and redeem directly with Multipli after completing KYC.

rwaUSDi has been issued on public blockchains since November 2025 and is native to Ethereum, Base, Monad, Arbitrum One, Robinhood Chain, and X Layer.

Multipli rwaUSD InstitutionalrwaUSDi