USD3, issued by the Reserve Yield Protocol smart contracts under the governance of tokenholders, is a tokenized basket of yield-bearing collateral that accrues value as its underlying interest-bearing assets generate yield onchain [S1][S2][S3].

USD3 represents a pro-rata claim on a diversified basket of yield-bearing ERC-20 collateral tokens held by the protocol's smart contracts, backed 1:1 with exogenous collateral [S1][S2][S3]. A Backing Manager periodically harvests yield from the interest-bearing collateral, and once a surplus threshold is met, onchain revenue auctions sell accrued rewards, with governance routing revenue among tokenholders and RSR stakers [S1][S3]. Fee rates and revenue routing for Yield DTFs are governance-managed onchain [S3].

The tokens are issued by permissionless smart contracts rather than a single corporate entity; ABC Labs, LLC operates the interface and states it is not a bank, broker-dealer, investment adviser, or other regulated financial intermediary, and is not registered with the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, or any other financial authority [S1][S4][S5]. Tokens are not deposits, not legal tender, not guaranteed by any entity, bank, or government, and not insured by the FDIC or SIPC [S5]. Holders redeem permissionlessly onchain at real-time NAV, with staked RSR providing a first-loss buffer seized on default [S1][S3]. Users under OFAC sanctions or in sanctioned countries are restricted [S4].

USD3 is an ERC-20 token; the Reserve Yield Protocol is deployed on Ethereum, Base, and Arbitrum [S6][S7][S3]. Holders mint by depositing the entire collateral basket and redeem the token for the underlying basket, with settlement atomic and onchain within seconds [S1][S7][S3]. NAV is maintained by permissionless arbitrage, with onchain price feeds used for default detection [S1][S3].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://reserve.org/" },
    { id: "S2", url: "https://docs.reserve.org/core-components/yield-dtfs.md" },
    { id: "S3", url: "https://docs.reserve.org/core-components/yield-dtfs/overview" },
    { id: "S4", url: "https://reserve.org/terms_and_conditions/" },
    { id: "S5", url: "https://reserve.org/terms_and_conditions" },
    { id: "S6", url: "https://docs.reserve.org/core-components/index-dtfs/roles" },
    { id: "S7", url: "https://app.reserve.org/" },
  ]}
/>


# 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

Tokenized funds

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Asset management

Reserve

Reserve Web 3 Dollar (USD3) is a tokenized fund share issued by Reserve.

USD3 has been issued on Ethereum as an ERC-20 token since April 2024, with a bridged version on one more network.

Reserve Web 3 DollarUSD3