WARS, issued by Moonbird S.R.L. under the Ripio brand, is a fiat-pegged stablecoin that maintains 1:1 parity with the Argentine peso (ARS) and provides onchain access to peso liquidity. [S1][S2]

WARS tracks the Argentine peso (ARS) at a 1:1 peg and carries no embedded yield, holding its value to the local currency rather than accruing a return. [S2][S3] Each token is backed 1:1 by fiat reserves held in Argentine bank accounts and financial institutions; as of March 31, 2026 Ripio reported 973,000,960.19 WARS issued against collateral totaling ARS 1,036,276,284. [S1][S3] Holders can on-ramp and off-ramp the token without additional Ripio fees, though network gas costs may apply. [S2]

Moonbird S.R.L. is an Argentine entity registered as a Virtual Asset Service Provider (PSAV) under N° 36, dated June 5, 2024. [S1][S4] Moonbird is not authorized to operate as a financial entity by the Central Bank of the Argentine Republic (BCRA), and payment-account funds do not constitute deposits carrying such guarantees. [S1][S5] Ripio's Argentine terms state the tokens are not a negotiable value, security, or commodity. [S4] KYC identity verification is required. [S6] Holders redeem by converting the token to fiat via on-ramp and off-ramp rails, with minting and burning tracked onchain. [S2][S7] Fiat collateral is segregated in local bank accounts and attested by local public accountants. [S2]

WARS is an ERC-20 standard token. [S7] Per the issuer's March 31, 2026 reporting, issuance and burn records are available onchain across Ethereum, World Chain, Base, Polygon, Gnosis and Binance/BNB Smart Chain. [S1][S2] Cross-chain movement uses the Ripio Bridge smart contract, estimated at roughly 15 minutes and non-intermediated by Ripio. [S8] The token is pegged 1:1 to fiat without a price oracle. [S2][S3]

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.ripio.com/en/cryptos/local-stablecoins" },
    { id: "S2", url: "https://www.ripio.com/en/cryptos/local-stablecoins" },
    { id: "S3", url: "https://www.ripio.com/es/criptos/stablecoins" },
    { id: "S4", url: "https://terms.ripio.com/ar/wallet" },
    { id: "S5", url: "https://terms.ripio.com/select/ripio-us" },
    { id: "S6", url: "https://terms.ripio.com/select/notice-of-limited-services-available-in-the-united-states" },
    { id: "S7", url: "https://launchpad.ripio.com/guias/stablecoins" },
    { id: "S8", url: "https://bridge.ripio.com/" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Stablecoins

Ripio operates a crypto exchange and payments platform, issuing local-currency stablecoins (USDR, wBRL, wMXN, wARS) and generating revenue through trading fees and B2B payment rails.

Ripio is a Latin American fintech platform providing lending, trading, and blockchain payment services to over 100,000 users across the region.

Ripio was founded in 2013 by Sebastian Serrano in Buenos Aires, serving 3M+ users across Latin America and Spain.

twitter

website

Lending

Ripio

Argentine Peso (WARS) is a Argentine Peso stablecoin issued by Ripio.

Reserves are held in bank deposits, attested quarterly by SLD y Asociados S.A.

Retail investors and institutions can mint and redeem directly with Ripio in ARS after completing KYC, and holders have a contractual right to redeem at par.

WARS has been issued on public blockchains since May 2025 and is native to 8 networks, including World Chain, Base, Ethereum, BNB Chain, Gnosis, and Polygon.

Argentine PesoWARS