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Stablecoin issuers

Ripple

# Ripple Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Ripple Labs measures the total outstanding supply of RLUSD stablecoin in USD terms. This metric answers the question "What is the total value of RLUSD stablecoin currently in circulation?" The calculation tracks mint and burn events to maintain a running total of outstanding token supply, which directly represents the TVL since each RLUSD token is backed 1:1 by USD reserves.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Ethereum token transfer events**: Parsed ERC-20 `Transfer` events from Ethereum blockchain, specifically for the RLUSD token contract (`0x8292bb45bf1ee4d140127049757c2e0ff06317ed`)
- **Token metadata**: Token decimal information and symbol data for proper amount normalization
- **End-of-day price feeds**: USD price data for currency conversion (though RLUSD is a stablecoin, price feeds ensure accurate USD valuation)

## 3. Step-by-step calculation

### Component A: RLUSD mint identification
- **Purpose**: Identify all RLUSD token mint events on Ethereum
- **Logic**: Extract `Transfer` events where the `from_address` is the null address (`0x0000000000000000000000000000000000000000`) and `token_address` matches the RLUSD contract address. These represent newly minted tokens entering circulation. Only include non-removed logs to ensure data quality.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `to_address`, `token_address`, and raw `value` amount

### Component B: RLUSD burn identification  
- **Purpose**: Identify all RLUSD token burn events on Ethereum
- **Logic**: Extract `Transfer` events where the `to_address` is either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and `token_address` matches the RLUSD contract address. These represent tokens being removed from circulation. Only include non-removed logs to ensure data quality.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `from_address`, `token_address`, and raw `value` amount

### Component C: Daily mint and burn aggregation
- **Purpose**: Combine mint and burn events into daily net changes
- **Logic**: Union mint events (with positive amounts) and burn events (with negative amounts). Truncate all timestamps to daily granularity for consistent time series analysis. Apply decimal correction using token metadata to normalize raw token amounts to proper decimal representation. Group by day, chain, and token to calculate daily net mint/burn activity.
- **Key fields**: Daily `timestamp`, corrected `amount` values, `token_address`, and `token_symbol`

### Component D: Outstanding supply calculation
- **Purpose**: Calculate cumulative outstanding supply over time
- **Logic**: Use window function to calculate running sum of daily net changes, ordered by timestamp and partitioned by chain, token address, and symbol. This produces the total outstanding supply for each day. Apply forward-filling to ensure no gaps in the time series, maintaining the last known outstanding supply value for days with no activity.
- **Key fields**: `outstanding_supply` as cumulative sum, with complete daily coverage via forward-filling

### Component E: Currency conversion and finalization
- **Purpose**: Convert outstanding supply to USD and prepare final metric
- **Logic**: Apply USD conversion using end-of-day price feeds, though for RLUSD stablecoin this should maintain approximately 1:1 USD parity. The conversion ensures consistent methodology across all TVL calculations and accounts for any minor price deviations.
- **Key fields**: USD-denominated `outstanding_supply` values

### Final aggregation
- **Combining components**: Sum the USD-denominated outstanding supply across all tokens and dimensions to calculate total TVL
- **Currency conversion**: Outstanding supply values are converted to USD using end-of-day price feeds
- **Time aggregation**: Daily time boundaries are maintained throughout the calculation, with forward-filling ensuring complete time series coverage
- **Final calculation**: The final TVL metric equals the sum of outstanding RLUSD supply in USD terms, representing the total value locked in the Ripple Labs stablecoin ecosystem

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Ripple

Total value locked

Total value locked

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