SGOVon, issued by Ondo Global Markets (BVI) Limited, is a tokenized stock that gives onchain economic exposure to iShares 0-3 Month Treasury Bond ETF, a U.S.-listed exchange-traded fund, through a regulated bankruptcy-remote special purpose vehicle separate from the Ondo Finance tokenizer [S1][S2].

The token tracks the economic value of iShares 0-3 Month Treasury Bond ETF (SGOV) and is structured as a debt instrument whose payable amount changes with the underlying value [S1][S3]. It is backed 1:1 by the corresponding shares plus cash in transit and is overcollateralized at all times [S4]. Tokenholders receive economic exposure only, with no shareholder voting or statutory rights [S1].

Ondo Global Markets (BVI) Limited, organized in the British Virgin Islands, issues these tokens as Regulation S structured notes governed by Swiss law, and Ondo Finance Inc. acts only as software and service provider, disclaiming regulated status [S1][S2]. Tokens are offered solely to non-U.S. persons under Regulation S who complete KYC and AML onboarding, subject to sanctions and jurisdictional restrictions [S1][S3]. Underlying securities are held with U.S.-registered custodial broker-dealers, and Ankura Trust Company holds a first-priority perfected security interest for tokenholders [S4]. Holdings and NAV are independently reviewed daily, with monthly reconciliations and annual audits [S4].

The tokens are issued natively on Ethereum, Solana and BNB Chain, with transfer to HyperEVM available via bridge [S3]. Minting and burning are instant within a single atomic transaction, and tokens are redeemable for cash or stablecoins at the then-value of the underlying, with fractional tokens supported [S3]. Daily holdings and NAV are updated and independently reviewed by Ankura Trust [S3][S4].

<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 transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Tokenized stocks

github

twitter

website

Real-world asset (RWA) issuers

Ondo Finance

Ondo iShares 0-3 Month Treasury Bond ETF (SGOVon) is a token tracking the underlying shares, backed by dedicated collateral and issued by Ondo Finance through Ondo Global Markets (BVI) Limited and distributed through Ondo Finance Inc. with Alpaca Securities LLC as broker.

Each token entitles holders to dividends, which are reinvested into the token and carries no voting rights.

The collateral assets are held by Alpaca Securities LLC in accounts segregated from the issuer's own funds and Ankura Trust Company as auditor.

Retail investors, professional investors, accredited investors, qualified investors, and institutions worldwide can mint and redeem directly with Ondo Finance in USDon and USDC after completing KYC, with a USDon 1 minimum, and holders have a right to redeem at net asset value with instant settlement.

Residents of Canada, the United States, and jurisdictions under applicable sanctions cannot mint or redeem with Ondo Finance.

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.

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

Ondo iShares 0-3 Month Treasury Bond ETFSGOVon