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Reserve

# Reserve Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of Reserve stablecoin tokens (RTokens) currently in circulation, valued in USD. This metric tracks the net supply of Reserve stablecoins by analyzing mint and redemption events on-chain, calculating the cumulative outstanding supply over time. The calculation identifies mint and redemption transactions through transfers to/from null addresses, aggregates these supply changes daily, and converts the resulting token amounts to USD values using end-of-day price feeds.

## 2. Data sources

The calculation relies on several core data sources:
- **Token transfer events**: Parsed Ethereum `Transfer` events for Reserve stablecoin tokens, capturing all token movements including mints and redemptions
- **Protocol creation events**: `RTokenFactory_RTokenCreated` events from Reserve protocol deployments across Ethereum, Base, and Arbitrum networks to identify valid Reserve token addresses and their configurations
- **End-of-day price feeds**: Daily USD price data for Reserve tokens to enable accurate value conversion
- **Token metadata**: Decimal precision information for proper unit conversion and standardization

## 3. Step-by-step calculation

### Component A: Market identification and token classification
- **Purpose**: Identifies which token addresses represent Reserve stablecoins versus other Reserve products
- **Logic**: Uses `RTokenFactory_RTokenCreated` events from Reserve protocol deployments across multiple chains to build a registry of all Reserve tokens. Applies hardcoded stablecoin addresses (`0xa0d69e286b938e21cbf7e51d71f6a4c8918f482f` and `0x78da5799cf427fee11e9996982f4150ece7a99a7`) to classify tokens as either 'Reserve Rights' or 'Reserve Yield' products. Only stablecoin tokens are included in outstanding supply calculations.
- **Key fields**: `rtoken_address` for the token contract, `product_id` for classification, and `chain_id` for network identification

### Component B: Transfer event processing
- **Purpose**: Extracts all transfer events for identified Reserve stablecoin tokens
- **Logic**: Queries Ethereum token transfer events, filtering for Reserve stablecoin addresses identified in the market registry. Includes all valid transfers (where `removed = false`) to capture complete token movement history. Joins transfer data with market information to ensure only stablecoin transfers are processed.
- **Key fields**: `block_timestamp` for timing, `from_address` and `to_address` for transfer direction, `token_address` for token identification, and `value` for transfer amounts

### Component C: Mint and redemption identification  
- **Purpose**: Classifies transfers as either mints (supply increases) or redemptions (supply decreases)
- **Logic**: Identifies mint events as transfers originating from null addresses (`0x0000000000000000000000000000000000000000`) or dead addresses (`0x000000000000000000000000000000000000dead`). Identifies redemption events as transfers directed to these same null/dead addresses. These address patterns indicate protocol-level supply changes rather than user-to-user transfers.
- **Key fields**: `amount` representing the supply change magnitude, with positive values for mints and negative values for redemptions

### Component D: Daily aggregation and supply tracking
- **Purpose**: Calculates net daily supply changes and running cumulative supply totals
- **Logic**: Groups mint and redemption events by day, token, and chain, summing the net supply changes for each period. Applies decimal correction to ensure proper token unit representation. Calculates cumulative outstanding supply using a running sum partitioned by chain and token address, ordered chronologically. This creates a complete time series of supply evolution for each token.
- **Key fields**: Daily aggregated `amount` values and cumulative `outstanding_supply` totals

### Component E: Price conversion and gap filling
- **Purpose**: Converts token amounts to USD values and ensures complete time series coverage  
- **Logic**: Joins daily supply data with end-of-day price feeds to convert token amounts to USD values using `outstanding_supply * price_usd` calculation. Applies forward-filling to populate missing dates in the time series, ensuring continuous metric availability. Uses zero-filling strategy for periods with no data.
- **Key fields**: `price_usd` for conversion rates and final USD-denominated `outstanding_supply` values

### Final aggregation
- **Combining components**: The final metric represents the USD value of total Reserve stablecoin supply outstanding at each point in time, calculated as the cumulative sum of all historical mint and redemption events converted to current USD values
- **Currency conversion**: Uses end-of-day price feeds matched by timestamp, chain, and token address to convert token amounts to USD equivalents  
- **Time aggregation**: Aggregates intraday events to daily boundaries using `timestamp_trunc(block_timestamp, day)` and maintains cumulative supply across the complete time series
- **Final calculation**: Outstanding supply equals the running cumulative sum of net daily supply changes (mints minus redemptions) multiplied by the corresponding end-of-day token price in USD

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

Circulating supply of stablecoins issued by the project.

ReserveRSR

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown