wtPPLT, issued by S1 Issuer GmbH and tokenized by SARK X (BVI) Ltd, is a tokenized claim providing economic exposure to a platinum-backed exchange-traded fund through a freely-tradable wrapper around an underlying primary token [S1][S2][S3].

The wrapper tracks the abrdn Physical Platinum Shares ETF (PPLT), whose price reflects physical platinum holdings, with each underlying token carrying an unsecured contractual claim on the issuer, which states it holds a corresponding position with a regulated broker such as Charles Schwab for its own account as a hedge, not on trust for holders and not pledged or segregated for them and bridged in real time from stock markets [S1][S2]. Price tracking is maintained through real-time supply bridging and arbitrage [S2]. Holders bear trading fees, gas costs, and potential withdrawal fees [S2].

S1 Issuer GmbH issues the tokenized equities, while SARK X (BVI) Ltd, a British Virgin Islands business company with registered office at Craigmuir Chambers, Road Town, Tortola, operates the website and the decentralized matching and execution engine [S2][S3][S4]. Holders are unsecured contractual creditors of the issuer, and the tokens carry a contractual right of exchange [S1][S2]. The service is non-custodial, with users controlling assets in smart-contract vaults while underlying equity custody is managed separately by S1 via a regulated broker [S2]. Users must be 18 years or older, and regional restrictions apply at token issuance [S2][S3].

The platform operates on Base Mainnet with USDC trading pairs, and users connect a DeFi wallet such as MetaMask or WalletConnect [S1][S2]. Users submit intent-based orders onchain that solvers execute when matched with liquidity, while arbitrageurs create or redeem tokens via the Core Bridge to align offchain and onchain prices [S2].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://www.st0x.io/" },
    { id: "S2", url: "https://www.st0x.io/faqs" },
    { id: "S3", url: "https://www.st0x.io/terms" },
    { id: "S4", url: "https://www.st0x.io/privacy-policy" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized commodities

Users connect a wallet and trade tokenized equities directly on-chain on Base. Each token is described as 1:1 collateralised by the underlying stock with a legal right of exchange; liquidity is bridged real-time from public stock markets, enabling 24/7 trading.

st0x is a tokenized equities platform that issues on-chain tokens representing 1:1 claims on listed stocks (e.g., wtNVDA). It operates on Base and positions its tokens as DeFi-composable representations of underlying public equities.

Operated by SARK X (BVI) Ltd, a company registered in the British Virgin Islands. The site states the platform was built by people with prior experience at firms including Holo, Microsoft, Nasdaq, NYSE, and ICE.

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Real-world asset (RWA) issuers

st0x

st0x Wrapped abrdn Physical Platinum Shares ETF (wtPPLT) is a token tracking platinum, issued by st0x through S01 Issuer GmbH.

Each token tracks platinum and is a synthetic instrument that provides contractual exposure to the reference asset.

Holders rank as unsecured creditors of the issuer in insolvency.

Holders can mint and redeem directly with st0x after completing KYC, and holders have a contractual right to redeem, with monthly settlement.

S01 Issuer GmbH is incorporated in Germany, is offered under an EU-approved prospectus, and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Germany.

wtPPLT has been issued on public blockchains since February 2026 and is native to Base, Ethereum, HyperEVM, and Robinhood Chain.

st0x Wrapped abrdn Physical Platinum Shares ETFwtPPLT