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Stablecoin issuers

Ripple

# Ripple Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of RLUSD stablecoin tokens currently in circulation at any given time. This metric tracks the cumulative effect of token minting (creation) and redemption (destruction) events to calculate the net supply available in the market. The calculation identifies mint and redemption events from Ethereum blockchain data, aggregates them daily, and maintains a running total of outstanding tokens, converted to USD value.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from the RLUSD token contract (`0x8292bb45bf1ee4d140127049757c2e0ff06317ed`) on Ethereum blockchain
- **Token metadata**: RLUSD token decimal precision and symbol information for proper amount scaling
- **End-of-day price feeds**: Daily USD exchange rates for RLUSD token value conversion

## 3. Step-by-step calculation

### Component A: RLUSD token mints identification
- **Purpose**: Identifies new RLUSD tokens created and added to circulation
- **Logic**: Filters Ethereum `Transfer` events for the RLUSD token contract where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). Transfers from the null address represent token minting operations where new tokens are created and sent to recipient addresses. Each mint event includes the recipient address, transaction details, and token amount.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component B: RLUSD token redemptions identification  
- **Purpose**: Identifies RLUSD tokens removed from circulation through burning/redemption
- **Logic**: Filters Ethereum `Transfer` events for the RLUSD token contract where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). Transfers to these addresses represent token destruction where tokens are permanently removed from circulation. Each redemption event captures the sender address, transaction details, and burned token amount.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `from_address`, `token_address`, `value` (token amount)

### Component C: Daily net supply changes calculation
- **Purpose**: Combines mint and redemption events to calculate daily net changes in token supply
- **Logic**: Unions mint events (with positive amounts) and redemption events (with negative amounts) into a single dataset. Truncates all timestamps to daily boundaries and groups events by day, chain, token address, and business classification dimensions. Applies decimal precision correction to ensure token amounts are properly scaled according to the RLUSD token's decimal configuration. Sums the net daily supply changes by aggregating positive mint amounts and negative redemption amounts.
- **Key fields**: `timestamp` (daily), `chain`, `token_address`, `token_symbol`, `amount` (net daily change)

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates the running total of outstanding tokens over time
- **Logic**: Applies a cumulative sum calculation using a window function partitioned by chain, token address, and token symbol, ordered chronologically by timestamp. This running total represents the outstanding supply at each daily point in time by adding daily net changes to the previous day's outstanding supply. Forward-fills missing dates to ensure a continuous time series, carrying the last known outstanding supply value forward to days with no mint or redemption activity.
- **Key fields**: `outstanding_supply` (cumulative total), `timestamp`, dimensional grouping fields

### Final aggregation
- **Combining components**: The daily outstanding supply values flow directly from the cumulative calculation without additional combining steps
- **Currency conversion**: Converts the outstanding supply amounts from token units to USD using end-of-day price feeds and the standard Token Terminal currency conversion methodology
- **Time aggregation**: Data is aggregated at daily boundaries with timestamp truncation, ensuring consistent daily reporting periods
- **Final calculation**: The final metric represents the total USD value of RLUSD tokens outstanding on each day, calculated as the cumulative sum of daily net supply changes (mints minus redemptions) multiplied by the end-of-day USD price per token

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

Circulating supply of stablecoins issued by the project.

Ripple

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown