USDO, issued by OpenEden Digital, is a tokenized-funds product backed by OpenEden TBILL tokens, each an EIP-20 representation of an economic interest in a fund holding short-dated U.S. Treasury Bills and a small portion of U.S. dollars (USD) [S1][S2].

Holders gain economic exposure to the OpenEden TBILL token, whose underlying portfolio holds short-dated U.S. Treasury Bills, overnight reverse repurchase agreements, and a small USD portion with a weighted-average maturity under 3 months [S2][S3]. The TBILL token is price-accreting, with its price equal to net asset value (NAV) per token as T-Bills converge to par [S1][S4]. The fund charges a 0.30% annual management fee on current value plus a 5 basis point transaction fee [S5][S6].

The TBILL fund issuer is Treasury Bills Institutional Liquidity Limited, a professional fund incorporated in the British Virgin Islands under the Securities and Investment Business Act 2010 and regulated by the British Virgin Islands Financial Services Commission (BVI FSC) [S2][S7][S8]. The TBILL token confers legal rights to the redemption value of the fund's net assets, proportional to holdings [S1]. Access requires KYC and onchain wallet whitelisting and is limited to BVI Professional Investors or U.S. Accredited Investors, with the United States restricted [S8][S7]. A regulated custodian, an affiliate of The Bank of New York Mellon Corporation, holds the underlying assets in a fully-segregated, bankruptcy-remote account [S3][S9].

The TBILL token is EIP-20 (ERC-20)-compliant and deployed onchain on Ethereum, Arbitrum, and BNB Smart Chain [S1][S10]. Investors subscribe by depositing U.S. dollar coin (USDC), minting tokens at the oracle exchange rate, and redeem for USDC on a First-In-First-Out basis, typically the next U.S. business day [S6][S11]. A price oracle contract publishes the NAV-based token price [S4].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.openeden.com/tbill/product-structuring.md" },
    { id: "S2", url: "https://docs.openeden.com/tbill/introduction" },
    { id: "S3", url: "https://openeden.com/news/openeden-bny-tokenized-us-treasury-fund/" },
    { id: "S4", url: "https://docs.openeden.com/tbill/token-price.md" },
    { id: "S5", url: "https://docs.openeden.com/tbill/fees.md" },
    { id: "S6", url: "https://docs.openeden.com/tbill/subscriptions.md" },
    { id: "S7", url: "https://docs.openeden.com/tbill/legal/user-agreement.md" },
    { id: "S8", url: "https://docs.openeden.com/tbill/investor-onboarding.md" },
    { id: "S9", url: "https://docs.openeden.com/tbill/faq" },
    { id: "S10", url: "https://docs.openeden.com/tbill/smart-contract-addresses.md" },
    { id: "S11", url: "https://docs.openeden.com/tbill/redemptions.md" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized funds

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Real-world asset (RWA) issuers

OpenEden

OpenEden OpenDollar (USDO) is a tokenized fund share issued by OpenEden through OpenEden Digital Limited and managed by OpenEden Digital Limited.

The fund is open-ended, invests in U.S. government debt, and keeps its assets in accounts segregated within a bankruptcy-remote structure.

Holders can mint and redeem directly with OpenEden in USDC and TBILL after completing KYC, and have a right to redeem at net asset value with two-to-five-business-day settlement.

OpenEden Digital Limited is incorporated in Bermuda, is licensed under the Bermuda Digital Asset Business Act, and is supervised by the Bermuda Monetary Authority (BMA).

Holder terms are governed by the law of Bermuda.

USDO has been issued on public blockchains since January 2025 and is native to Ethereum and Base.

OpenEden OpenDollarUSDO