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Stablecoin issuers

Societe Generale

# Societe Generale Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of Société Générale stablecoins (EUR CoinVertible and USD CoinVertible) currently in circulation. This metric is calculated by tracking all mint and redemption events for these tokens and maintaining a running cumulative balance over time. The calculation identifies token creation through transfers from the null address and token destruction through transfers to null or dead addresses, then computes the net outstanding supply on a daily basis.

## 2. Data sources

The calculation uses the following raw data sources:
- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain for EUR CoinVertible and USD CoinVertible token contracts
- **Token metadata**: Token decimal precision information for amount normalization
- **End-of-day price feeds**: USD exchange rates for currency conversion of final metric values

## 3. Step-by-step calculation

### Component A: Mint event identification
- **Purpose**: Identifies when new tokens are created and issued
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`), indicating token minting. Specifically tracks two token contracts: EUR CoinVertible (`0x5f7827fdeb7c20b443265fc2f40845b715385ff2`) and USD CoinVertible (`0x5422374b27757da72d5265cc745ea906e0446634`). Only includes events where `removed` is false to exclude failed transactions
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `to_address` for recipient, `value` for minted amount, and `token_address` for token identification

### Component B: Redemption event identification  
- **Purpose**: Identifies when tokens are destroyed or redeemed
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or dead address (`0x000000000000000000000000000000000000dead`), indicating token burning or redemption. Uses the same token contracts as mints and excludes failed transactions
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for event identification, `from_address` for sender, `value` for redeemed amount, and `token_address` for token identification

### Component C: Daily aggregation and normalization
- **Purpose**: Combines mint and redemption events into daily net changes
- **Logic**: Unions mint events (as positive amounts) with redemption events (as negative amounts), then truncates all timestamps to daily granularity. Applies decimal correction to convert raw token amounts from blockchain precision to human-readable values based on each token's decimal configuration. Groups all events by date, chain, and token address, then sums the amounts to get net daily supply changes
- **Key fields**: `timestamp` (truncated to day), `chain`, `token_address`, and `amount` (decimal-corrected net change)

### Component D: Cumulative supply calculation
- **Purpose**: Calculates the running total of outstanding supply over time
- **Logic**: Uses a window function to compute cumulative sum of daily net changes, ordered chronologically and partitioned by chain and token address. This creates a running balance that represents total outstanding supply at each point in time. Forward-fills any missing dates to ensure complete time series coverage
- **Key fields**: `outstanding_supply` (cumulative running total), `timestamp`, `token_address`

### Final aggregation
- **Combining components**: The calculation flows linearly through each component, with the final outstanding supply values representing the cumulative net result of all historical mint and redemption events
- **Currency conversion**: USD conversion is applied to the final outstanding supply values using end-of-day exchange rates through the standardized conversion macro
- **Time aggregation**: All calculations use daily boundaries, with blockchain timestamps truncated to day granularity for consistent aggregation
- **Final calculation**: The final outstanding supply equals the cumulative sum of all historical daily net changes (mints minus redemptions) for each token, converted to USD and formatted according to standard metric schema requirements

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

Circulating supply of stablecoins issued by the project.

Societe Generale

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown