CPERon, issued by Ondo Global Markets (BVI) Limited, is a tokenized-commodities product that provides onchain economic exposure to US Copper Index Fund, a U.S.-listed ETF, with tokenization and administrative services provided by Ondo Finance Inc. [S1][S2].

Each token tracks the economic value of US Copper Index Fund (ticker CPERon) and is redeemable for cash or stablecoins at the then-value of the underlying [S1][S3]. The amount payable to the tokenholder changes with the value of the corresponding underlying asset, giving economic exposure only [S1]. Holdings are maintained at 1:1 backing and overcollateralized at all times, held with U.S.-registered custodial broker-dealers [S4][S1].

The Issuer, Ondo Global Markets (BVI) Limited, is a bankruptcy-remote special purpose vehicle organized in the British Virgin Islands and structurally separate from Ondo Finance Inc. [S1][S2]. Ondo discloses it is not registered or licensed by any financial regulatory authority and acts as a software and infrastructure provider only [S2]. Tokens are structured notes, debt instruments offered under the Regulation S exemption and governed by Swiss law, conferring no shareholder voting rights [S1][S3]. They are offered only to non-U.S. persons who complete KYC and AML onboarding [S1][S3]. Ankura Trust Company acts as security agent, holding a first-priority perfected security interest in the collateral for tokenholders [S4].

Tokens are minted on deposit and burned on redemption in a single atomic transaction, with fractional tokens supported, and are issued on Ethereum, BNB Chain, and Solana [S3]. Daily holdings and NAV updates are independently reviewed by Ankura Trust, with monthly reconciliation reports and annual financial audits, and daily attestations viewable online [S4]. Redemptions settle for cash or stablecoins at the then-value of the underlying [S1][S3].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://docs.ondo.finance/ondo-global-markets/legal-and-regulatory" },
    { id: "S2", url: "https://docs.ondo.finance/legal/terms-of-service" },
    { id: "S3", url: "https://docs.ondo.finance/ondo-global-markets/overview" },
    { id: "S4", url: "https://docs.ondo.finance/ondo-global-markets/trust-and-transparency" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

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Real-world asset (RWA) issuers

Ondo Finance

Ondo US Copper Index Fund (CPERon) is a token tracking copper, backed by dedicated collateral, issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

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

The backing metal is held in vaults operated by Alpaca Securities LLC on a segregated basis and is attested by Ankura Trust Company.

Retail investors, professional investors, accredited investors, qualified investors, and institutions can mint and redeem directly with Ondo Finance after completing KYC, and holders have a contractual right to redeem, with instant settlement.

Ondo Global Markets (BVI) Limited is incorporated in the British Virgin Islands, is offered under an SEC Regulation S exemption, is offered under an EU-approved prospectus, and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Switzerland.

CPERon has been issued on public blockchains since May 2026 and is native to Solana, BNB Chain, and Ethereum.

Ondo US Copper Index FundCPERon