PUSD, issued by Palm USD, is a U.S. dollar (USD) pegged stablecoin that represents a fully reserved digital dollar marketed for institutional cross-border treasury settlement, maintained at a 1:1 peg to the USD [S1][S2].

Each PUSD targets a stable value of $1.0000 and is pegged 1:1 to the U.S. dollar (USD) [S2]. Reserves are stated to be held at a coverage ratio of at least 1:1 in UAE Dirham (AED) denominated Shariah-compliant instruments, so the USD peg depends on the AED's own USD peg [S1][S3][S4]. The issuer passes through no yield, NAV accrual, rebasing, or coupon; holders hold a peg-tracking instrument only [S1][S2].

Palm USD presents the token under the Palm USD brand, with the team hubbed in Dubai and Riyadh and treasury anchored in the UAE [S3]. Its regulatory framework is under review, and the product is aligned with UAE Federal Law No. 45 of 2021 and GDPR for EU applicants [S3][S5]. PUSD is described as a fully reserved digital dollar [S1][S2]. Mint and redeem are institutional-only and KYB-gated, with onboarding in 5 to 7 business days and OTC sizes from $100,000, while secondary onchain transfers are open [S5][S6]. Tokens are issued only after fiat is received and redeemed at par [S5][S2].

PUSD is natively minted with 6-decimal contracts on Ethereum (ERC-20), BNB Chain (BEP-20), Solana (SPL), TRON (TRC-20), and ADI Chain, with no freeze, blacklist, or admin key [S1][S3][S7]. Reserve attestations follow ISAE 3000 (Revised), performed monthly by a licensed CPA and published within 10 business days of period end [S4][S7]. A signed status feed updates every 30 seconds [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.palmusd.com/pages/networks.html" },
    { id: "S2", url: "https://www.palmusd.com/pages/dashboard.html" },
    { id: "S3", url: "https://www.palmusd.com/pages/about.html" },
    { id: "S4", url: "https://www.palmusd.com/pages/developers.html" },
    { id: "S5", url: "https://www.palmusd.com/pages/press.html" },
    { id: "S6", url: "https://www.palmusd.com/contact" },
    { id: "S7", url: "https://www.palmusd.com/pages/developers.html" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

Palm USD mints PUSD against reserves held in Saudi Riyal (SAR) and UAE Dirham (AED) — both hard-pegged to the U.S. dollar — and earns treasury yield on the underlying reserves.

Palm USD (PUSD) is a USD-pegged stablecoin backed by reserves in Saudi Riyal (SAR) and UAE Dirham (AED), both currencies hard-pegged to the USD. The project positions itself as Shariah-compliant payment and settlement infrastructure for enterprises, financial institutions, and sovereign entities involved in cross-border treasury operations.

Palm USD is a Shariah-compliant institutional-grade digital dollar issuer, marketed to enterprises, financial institutions, and sovereign entities in the GCC and broader cross-border treasury market.

website

twitter

Stablecoin issuers

Palm USD

Palm USD (PUSD) is a U.S. dollar stablecoin issued by Palm USD.

Institutions can mint and redeem directly with Palm USD in AED and USD after completing KYC.

PUSD has been issued on Ethereum as an ERC-20 token since September 2025.

Palm USDPUSD