SPUSD, issued by the SoulPeg Protocol smart contracts under owner and multisig governance, is a tokenized wrapper stablecoin that represents wrapped sUSDC and maintains a 1:1 peg to the U.S. dollar (USD) on BNB Chain [S1][S2].

Each SPUSD is backed by exactly 1 sUSDC held in the wrapper contract, where sUSDC is a yield-bearing token minted 1:1 from U.S. dollar (USD) deposits of USDC routed into Venus Protocol lending markets [S1][S3][S4]. Yield originates from Venus Protocol; holders of the underlying sUSDC receive 93% of generated Venus APY while the protocol retains a 7% fee [S2][S4]. Converting between sUSDC and SPUSD incurs no protocol fees, only standard gas costs [S1].

SPUSD is issued by SoulPeg Labs as the operator of SoulPeg, a self-described decentralized staking protocol rather than a single corporate entity, and the documentation discloses no named regulator, license, or registration [S2][S5]. The holder's claim is an onchain protocol token wrapping non-transferable sUSDC, with no stated bearer instrument, fund interest, or e-money classification [S1][S5]. Holder access is effectively permissionless beyond standard self-custody [S6]. SPUSD unwraps to sUSDC at 1:1 through the wrapper contract, while sUSDC backing is held onchain via Venus markets without an independent custodian or proof-of-reserves attestation [S1][S4].

SPUSD is a standard ERC-20 token deployed exclusively on BNB Chain [S1][S2]. It is minted by wrapping sUSDC and burned to unwrap back to sUSDC at 1:1 instantly through the wrapper contract, with liquidity also obtained by trading on PancakeSwap and other decentralized exchanges [S1]. The peg is maintained mechanically by 1:1 USDC backing and 1:1 wrapper conversion rather than an offchain NAV or price oracle [S7][S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.soulpeg.io/docs/spusd/overview" },
    { id: "S2", url: "https://docs.soulpeg.io/docs/introducing/what-is-soulpeg" },
    { id: "S3", url: "https://docs.soulpeg.io/docs/whitepaper/abstract" },
    { id: "S4", url: "https://docs.soulpeg.io/docs/whitepaper/protocol-architecture" },
    { id: "S5", url: "https://www.soulpeg.io/terms" },
    { id: "S6", url: "https://docs.soulpeg.io/docs/protocol/security-limits" },
    { id: "S7", url: "https://docs.soulpeg.io/docs/whitepaper/tokenomics" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

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

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

Circulating asset market cap

Stablecoins

Users mint SPUSD by wrapping sUSDC and burn SPUSD to unwrap back to sUSDC, maintaining a 1:1 USD peg.

SoulPeg issues SoulPeg USD (SPUSD), a BEP-20 stablecoin that wraps the non-transferable sUSDC deposit token into a transferable, USD-pegged representation on BNB Smart Chain.

SoulPeg (SoulPeg Labs) develops the SoulPeg USD stablecoin wrapper.

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Stablecoin issuers

SoulPeg

SoulPeg USD (SPUSD) is a U.S. dollar stablecoin issued by SoulPeg.

Holders can mint and redeem directly with SoulPeg in sUSDC.

SPUSD has been issued on BNB Chain as an ERC-20 token since July 2025.

SoulPeg USDSPUSD