Users deposit funds into Paxos account and receive BUSD or USDP at a 1:1 rate.

Paxos is a financial technology company that is the principal architect of BUSD & USDP - full-reserve fiat stablecoins that bring US dollar liquidity on-chain.

Paxos is a private company registered in the US. Paxos' investors include OakHC/FT, Declaration Partners, Mithril Capital and PayPal Ventures etc.

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Paxos

# Paxos Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of Paxos's issued assets. The circulating market capitalization of Paxos-issued assets, including Binance USD, Pax Dollar, PAX Gold, PayPal USD, and Global Dollar, is aggregated to represent the total on-chain deposits. Bridged assets are excluded from the calculation to prevent the double-counting of wrapped representations alongside their underlying backing assets.

## 2. Data sources

- **Circulating market capitalization**: Derived from the circulating market capitalization metric of Paxos assets, covering Ethereum and other supported chains

## 3. Step-by-step calculation

### Component A: Paxos asset filtering and bridged balance exclusion

- **Purpose**: Select the relevant Paxos-issued assets and exclude wrapped or bridged representations.
- **Logic**: Daily circulating market capitalization data is filtered for specific Paxos assets, including Binance USD, Pax Dollar, PAX Gold, PayPal USD, and Global Dollar. Bridged assets are explicitly excluded by filtering out records where the bridged flag is true or null, ensuring that only the primary, natively issued assets are counted and double-counting of wrapped representations is avoided.
- **Key fields**: `product_id` (asset identification), `bridged` (bridging status flag)

### Component B: Circulating market capitalization aggregation

- **Purpose**: Aggregate the circulating market capitalization to calculate the total value locked.
- **Logic**: The circulating market capitalization values of the selected assets are summed and grouped by timestamp, chain, and product. This aggregation yields the daily total value locked for each asset on each supported chain.
- **Key fields**: `timestamp` (timing), `chain_id` (chain identification), `asset_market_cap_circulating` (circulating market capitalization value)

### Component C: Continuity and chain availability filtering

- **Purpose**: Ensure data continuity and apply chain-specific active windows.
- **Logic**: A forward-fill strategy is applied to the aggregated daily data to ensure continuity across consecutive days. Chain availability filters are then applied to include only data within the active and approved operational windows for each respective chain.
- **Key fields**: `timestamp` (timing), `chain_id` (chain identification)

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Paxos

Total value locked

Total value locked

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