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" },
  ]}
/>


# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

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*