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

Each token tracks the economic value of SPDR Gold Shares (ticker GLDon) 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 senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized commodities

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Real-world asset (RWA) issuers

Ondo Finance

Ondo SPDR Gold Shares (GLDon) is a token tracking gold, backed by dedicated collateral, issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

Each token tracks gold 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.

GLDon has been issued on public blockchains since December 2025 and is native to Solana, BNB Chain, and Ethereum.

Ondo SPDR Gold SharesGLDon