rUSD, issued by the Reservoir Protocol smart contracts under the governance of governance tokenholders, is a U.S. dollar stablecoin that is minted 1:1 against approved stable assets and redeemable at parity through a Peg Stability Module [S1][S2][S3].

Holders receive a U.S. dollar (USD) denominated token pegged 1:1, minted by depositing USD Coin (USDC), Tether (USDT) or USD1 at parity [S1]. The base rUSD token is not yield-bearing; yield is earned only by converting into savings tokens srUSD or wsrUSD or the term product trUSD [S1][S4]. rUSD redemption via the Peg Stability Module is at parity at no cost, though network gas or processing fees may be passed through at transaction time [S3][S5].

No incorporated issuing entity is disclosed; the protocol is governance-controlled with no single party able to control the protocol code, and the tokens are not issued by a single corporate entity [S2][S6]. The Terms of Service are governed by the laws of the Cayman Islands [S5]. The holder's claim is an ERC-20 redemption right with no formal legal classification, no secured claim against reserve funds, and no deposit insurance [S2]. Users must be 18 or older; rUSD is not offered to United States persons, the EEA public, or sanctioned jurisdictions [S5][S6]. Redemption converts rUSD to USDC on demand subject to available liquidity, with possible time lag [S3][S5].

rUSD is an ERC-20 token natively issued on Ethereum, with cross-chain availability via an Omnichain Fungible Token adapter to bridged networks including Base, Arbitrum, Berachain, Plume, Sonic, Solana and others [S1][S7]. Minting and redemption settle onchain at 1:1 against USDC through the Peg Stability Module, with reserve solvency tracked by Asset Adapters reporting net asset value [S8][S4].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.reservoir.xyz/products/stablecoin-rusd" },
    { id: "S2", url: "https://docs.reservoir.xyz/security-and-compliance/risk-factors" },
    { id: "S3", url: "https://docs.reservoir.xyz/security-and-compliance/faq" },
    { id: "S4", url: "https://docs.reservoir.xyz/products/proof-of-reserves" },
    { id: "S5", url: "https://docs.reservoir.xyz/security-and-compliance/terms-of-service" },
    { id: "S6", url: "https://docs.reservoir.xyz/llms-full.txt" },
    { id: "S7", url: "https://docs.reservoir.xyz/security-and-compliance/smart-contract-addresses" },
    { id: "S8", url: "https://docs.reservoir.xyz/protocol-architecture/asset-adapters" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

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Stablecoin issuers

Reservoir.xyz

Reservoir rUSD (rUSD) is a U.S. dollar stablecoin issued by Reservoir.xyz.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors and institutions can mint and redeem directly with Reservoir.xyz in USDC, USDT, and USD1, and holders have a contractual right to redeem at par.

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

Reservoir rUSDrUSD