Securitize operates through its proprietary compliance protocol and smart contract infrastructure that automates regulatory requirements for digital securities. The platform generates revenue through issuance fees, ongoing compliance services, and transaction fees from secondary market trading, while leveraging blockchain technology to provide programmable compliance and automated investor verification.

The platform provides end-to-end infrastructure for digitizing traditional securities and real-world assets through blockchain tokenization. Securitize offers compliant token issuance services, investor management tools, and secondary market solutions that bridge traditional finance with decentralized technologies while maintaining regulatory compliance.

Securitize is a digital securities platform that enables the compliant issuance, management, and trading of tokenized securities on blockchain networks.

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# Securitize Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating measures the total USD market value of all outstanding tokenized fund shares across Securitize's platform. This metric represents the circulating supply of digital securities tokens that investors hold, including funds like BlackRock's BUIDL, Apollo's ACRED, Securitize's VBILL, Hamilton Lane's HLSCOPE, and Blockchain Capital's BCAP. The calculation aggregates outstanding token supply across multiple blockchain networks and converts to USD using fund-specific NAV data or market pricing.

## 2. Data sources

- **EVM blockchain token transfers**: Parsed `Transfer` events from Ethereum, Avalanche, Polygon, Arbitrum, Optimism, BSC, zkSync Era, and Ink networks for tokenized fund contracts
- **Aptos contract events**: Specific `Issue_event` and `Burn_event` logs from BuidlToken and AcredToken contracts on Aptos blockchain  
- **Solana balance tracking**: Token balance changes from Solana for fund token accounts
- **Historical NAV data**: Fund net asset value feeds scraped from Securitize for BCAP and HLSCOPE products
- **Token metadata**: Decimal precision data for proper amount calculations
- **External price feeds**: End-of-day CoinGecko price data for select fund tokens

## 3. Step-by-step calculation

### Component A: EVM chain mint and burn tracking
- **Purpose**: Tracks the creation and destruction of tokenized fund shares on EVM-compatible blockchains
- **Logic**: Extracts `Transfer` events where transfers from the zero address represent mints (new token issuance) and transfers to the zero address represent burns (token redemptions). Each fund has specific token contract addresses across multiple chains. The system identifies mint events by filtering for `from_address` equal to the zero address and burn events by filtering for `to_address` equal to the zero address
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `from_address`, `to_address`, `value` (token amount), and derived `product_id` based on token contract

### Component B: Aptos-specific event tracking  
- **Purpose**: Captures mint and burn events for tokenized funds deployed on Aptos blockchain using native contract events
- **Logic**: Monitors specific contract events including `BuidlToken_Issue_event` for BUIDL mints, `BuidlToken_Burn_event` for BUIDL burns, `AcredToken_Issue_event` for ACRED mints, and `AcredToken_Burn_event` for ACRED burns. These events provide the token amount directly without requiring transfer event analysis
- **Key fields**: `block_timestamp`, `transaction_hash`, `value` (from event data), and hardcoded token addresses for each fund

### Component C: Solana balance aggregation
- **Purpose**: Calculates outstanding supply for tokenized funds on Solana by aggregating individual holder balances  
- **Logic**: Processes token balance changes for specific fund token mints on Solana, including BUIDL, ACRED, and VBILL tokens. Aggregates all token holder balances daily to determine total outstanding supply since Solana uses an account-based model rather than tracking individual mint/burn events
- **Key fields**: `block_date`, `token_account`, `mint`, `post_balance`, and token-specific mint addresses

### Component D: Daily aggregation and supply calculation
- **Purpose**: Combines all mint/burn data into daily outstanding supply figures for each fund and chain
- **Logic**: Processes mint amounts as positive values and burn amounts as negative values, then aggregates by day, chain, and token contract. Applies decimal correction using token metadata to ensure proper unit calculations. Computes cumulative running totals using window functions to track outstanding supply over time, partitioned by chain and token address to maintain separate supply calculations for each deployment
- **Key fields**: Aggregated `amount` values, `timestamp` (daily truncated), `chain`, `token_address`, and calculated `outstanding_supply`

### Component E: USD conversion with fund-specific pricing
- **Purpose**: Converts token supply to USD values using appropriate pricing methodology for each fund
- **Logic**: Applies different pricing strategies based on fund type and date ranges. Uses historical NAV data from CSV files for BCAP (before 2025-05-29) and HLSCOPE (before 2025-03-21) funds, multiplies by fixed 1000 USD NAV for ACRED tokens before 2025-03-14, and uses CoinGecko price feeds for other periods and funds. BUIDL tokens use 1-to-1 USD pricing as they represent dollar-backed shares
- **Key fields**: Fund-specific `nav` values, `coingecko_id` for price lookup, and calculated USD `outstanding_supply`

### Final aggregation
- **Combining components**: Unions outstanding supply data from all intermediate models covering different funds (BUIDL, ACRED, VBILL, HLSCOPE, BCAP) across all supported blockchains (Ethereum, Solana, Aptos, etc.)  
- **Currency conversion**: Each fund's outstanding supply is already converted to USD in the intermediate steps using fund-specific pricing methodologies
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation, with forward-filling applied to ensure complete time series coverage
- **Final calculation**: Sums the USD value of outstanding supply across all tokenized fund products and blockchain networks to produce the total asset market cap circulating, representing the aggregate market value of all circulating digital security tokens on the Securitize platform

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

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

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Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown