USD*, issued by Perena, is a yield-bearing savings stablecoin and liquidity-provider token that represents proportional ownership of a Seed Pool of blue-chip stablecoins held within the Numeraire hub-and-spoke stableswap on Solana [S1][S2].

Holders receive economic exposure to the U.S. dollar (USD) through a total-return model rather than a fixed 1:1 peg: USD* continually appreciates as the Seed Pool, weighted toward USD Coin (USDC), Tether (USDT) and PayPal USD (PYUSD), accrues swap fees and auto-compounds yield from AMM liquidity provisioning, delta-neutral strategies, secured onchain lending and money market fund allocations to Franklin Templeton's BENJI [S1][S3]. Advertised yield is 9 to 12% APY, variable and not guaranteed [S4]. Perena charges a performance fee on yield earned, not principal [S4][S3].

Perena presents itself as a decentralized, non-custodial Stablebanking protocol and is not issued by a single corporate entity [S5][S2]. It expressly states it is "not a bank" and that deposited funds "are not FDIC insured and may be subject to loss" [S4][S5]. The holder's claim is an LP token reflecting the pool's net asset value, carrying no capital guarantee and no deposit or bank claim [S1]. Access is permissionless through self-custody Solana wallets [S4]. USD* is fully liquid with no lock-ups and withdrawals process on Solana at any time [S4]. Perena never holds deposited funds and maintains full reserves [S4][S3].

USD* is issued natively as a Solana SPL token, and the protocol operates exclusively on Solana [S4][S2]. Users mint USD* by depositing USDC, USDT or PYUSD into the Numeraire Seed Pool and redeem on demand, settling onchain with no waiting period for typically under $0.01 in network costs [S4][S1]. Token value tracks the pool's accrued NAV [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://perena.org/stablecoins/pyusd" },
    { id: "S2", url: "https://perena.org/articles/accelerating-perena" },
    { id: "S3", url: "https://perena.org/articles/perena-s-stablebank-network-revolutionizing-on-chain-finance" },
    { id: "S4", url: "https://onboard.perena.org/" },
    { id: "S5", url: "https://perena.org/articles/the-perena-promise" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

Perena builds Solana-native stablecoin infrastructure via its Numeraire AMM hub-and-spoke stableswap and USD* yield-bearing savings stablecoin, earning fees from swap liquidity and yield management.

Perena is a Solana-native stablecoin infrastructure platform offering yield-bearing USD* tokens through pooled diversified DeFi positions.

Perena was founded by Anna Yuan, formerly head of stablecoin initiatives at the Solana Foundation, with $3M in pre-seed funding from Borderless Capital.

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Stablecoin issuers

Perena

USD Star (New) (USD*) is a U.S. dollar stablecoin issued by Perena.

Retail investors and institutions can mint and redeem directly with Perena in USDC.

USD* has been issued on Solana as a SPL Token token since September 2025.

USD Star (New)USD*