SCUSD, issued by the Rings Protocol (Trevee) smart contracts under the governance of veNFT tokenholders, is a tokenized yield-strategy fund interest that represents deposited U.S. dollar (USD) stablecoins routed into curated DeFi yield strategies [S1][S2].

Each SCUSD is minted 1:1 against deposited stablecoins such as USD Coin (USDC), Tether (USDT), and Dai (DAI), with collateral sent to a Veda-operated BoringVault on Ethereum mainnet that farms yield through Aave, Convex, and Morpho and assets including crvUSD and sDAI [S1][S3][S2]. Collateral yield is auto-compounded and, once per epoch, swapped to mint new sc-tokens routed to a veNFT gauge system rather than paid directly to holders; direct yield requires separately staking into a Sonic vault for stkscUSD [S2][S4]. Minting is fee-free [S3][S5].

The protocol operates under the Rings Protocol / Trevee brand as an onchain protocol issued through smart contracts and is not issued by a single corporate entity [S1][S6]. An SCUSD is functionally an onchain claim minted 1:1 against deposited collateral held in Veda BoringVault smart contracts and redeemable 1:1 for the underlying asset [S3][S5][S2]. Participation is permissionless onchain deposit and minting [S3][S5]. Redemptions are processed at a 1:1 ratio through per-asset onchain withdraw-queue contracts via the app's Redeem tab; staked positions carry a 5-day unstaking delay [S3][S6][S1]. Tokenholder protection rests on smart-contract design and audits by Spearbit, 0xMacro, and OpenZeppelin [S1][S2].

SCUSD is an ERC-20-style onchain token, with staked-yield wrappers using the ERC-4626 standard, supported on Sonic and Ethereum mainnet [S7][S1][S3]. Deposits mint 1:1; tokens minted on Ethereum bridge to Sonic via the Sonic Gateway to the same address, while tokens minted on Sonic are available immediately [S3][S2]. Tokens track fixed 1:1 backing rather than a fluctuating NAV [S3][S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.rings.money/" },
    { id: "S2", url: "https://docs.rings.money/overview/veda-vaults/collateral-vault-ethereum" },
    { id: "S3", url: "https://docs.rings.money/tutorials/minting" },
    { id: "S4", url: "https://docs.rings.money/overview/veda-vaults/staking-vault-sonic" },
    { id: "S5", url: "https://docs.rings.money/tutorials/introduction" },
    { id: "S6", url: "https://docs.rings.money/developers/smart-contracts" },
    { id: "S7", url: "https://docs.rings.money/developers/staked-scassets-and-yield-distribution" },
  ]}
/>


# 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

Tokenized funds

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Trevee

Rings scUSD (SCUSD) is a tokenized fund share issued by Trevee.

SCUSD has been issued on public blockchains since December 2024 and is native to Ethereum and Sonic.

Rings scUSDSCUSD