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Ripple

# Ripple Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating for RippleLabs measures the total USD value of RLUSD (RippleLabs USD stablecoin) tokens that are currently in circulation. For stablecoins like RLUSD, the circulating market cap equals the outstanding supply since all issued tokens are considered available for circulation. The metric is calculated by tracking all mint and burn events from the RLUSD smart contract on Ethereum, computing the cumulative outstanding supply, and converting to USD using end-of-day price feeds.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from the RLUSD token contract on Ethereum, including all mint and burn operations
- **Token metadata**: RLUSD token information including decimal precision and symbol data for proper amount normalization  
- **End-of-day price feeds**: Token price data used for USD conversion of the outstanding supply
- **Contract addresses**: RLUSD token contract address (`0x8292bb45bf1ee4d140127049757c2e0ff06317ed`) and system addresses (null address `0x000...000` and dead address `0x000...dead`)

## 3. Step-by-step calculation

### Component A: RLUSD mint tracking
- **Purpose**: Identify all RLUSD token issuance events from the smart contract
- **Logic**: Extract Ethereum `Transfer` events where the `from_address` is the null address (`0x000...000`) and `token_address` matches the RLUSD contract. These represent new tokens being minted into circulation. Each mint event captures the timestamp, transaction details, recipient address, and token amount. Events are filtered to exclude any removed/reverted transactions.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `to_address` for recipient, `transaction_hash` and `log_index` for uniqueness

### Component B: RLUSD redemption tracking  
- **Purpose**: Identify all RLUSD token burn/redemption events that remove tokens from circulation
- **Logic**: Extract Ethereum `Transfer` events where the `to_address` is either the null address (`0x000...000`) or dead address (`0x000...dead`) and `token_address` matches the RLUSD contract. These represent tokens being permanently removed from circulation through burning or redemption mechanisms. Similar filtering applies to exclude removed transactions.
- **Key fields**: `block_timestamp` for timing, `value` for burn amount, `from_address` for token holder, `transaction_hash` and `log_index` for uniqueness

### Component C: Outstanding supply calculation
- **Purpose**: Compute the net outstanding token supply over time by combining mints and burns
- **Logic**: Combine mint events (positive amounts) and burn events (negative amounts) into a unified dataset, then aggregate by day using timestamp truncation. Apply decimal correction using token metadata to convert raw blockchain amounts to proper token units. Group all daily mint/burn activity and calculate the cumulative sum over time using window functions partitioned by chain and token address. This running total represents the outstanding supply at each point in time.
- **Key fields**: `timestamp` for daily aggregation, `amount` for corrected token quantities, `outstanding_supply` for cumulative balance

### Component D: Time series completion
- **Purpose**: Ensure continuous daily time series without gaps
- **Logic**: Apply forward filling to carry the last known outstanding supply value through any days without mint or burn activity. This creates a complete daily time series where each day shows the current outstanding supply, even if no transactions occurred.
- **Key fields**: `outstanding_supply` values filled forward across all days in the time range

### Final aggregation
- **Combining components**: The outstanding supply calculation inherently combines mint and burn data through the cumulative sum approach, where daily net changes (mints minus burns) are aggregated over time
- **Currency conversion**: Convert the outstanding supply from token units to USD using end-of-day price feeds, applying the conversion at the daily timestamp boundary  
- **Time aggregation**: Data is aggregated to daily granularity with timestamps truncated to day boundaries, ensuring consistent daily reporting
- **Final calculation**: The circulating market cap equals the outstanding supply converted to USD, since for stablecoins like RLUSD, all issued tokens are considered to be in active circulation. The final metric applies standardized schema validation and chain availability filtering.

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Ripple

Circulating asset market cap

Circulating asset market cap

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