wtVWO, issued by S1 Issuer GmbH, is a tokenized equity that gives onchain exposure to Wrapped Vanguard Emerging Markets Stock Index Fund, a U.S.-listed exchange-traded fund, traded on the st0x decentralized exchange for tokenized real-world equities and ETFs [S1][S2].

wtVWO tracks the price of Wrapped Vanguard Emerging Markets Stock Index Fund (wtVWO) through real-time supply bridging from stock markets and arbitrage, and each token is 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 [S1][S2]. The tokenholder bears trading fees, gas costs, and potential withdrawal fees, structured transparently by the issuer [S2].

S1 Issuer GmbH issues the tokenized equities, while SARK X (BVI) Ltd, a British Virgin Islands business company with registered office in Road Town, Tortola, operates the website and manages the decentralized matching and execution engine and states it does not own, operate or control the DEX [S2][S3]. Holders are unsecured contractual creditors of the issuer, and the tokens carry a contractual right of exchange [S1][S2]. Use is limited to persons 18 years or older, access may not be legal in certain countries, and regional restrictions apply at token issuance [S2][S3]. Underlying equity custody is managed separately by S1 via a regulated broker, with the service operating non-custodially [S2].

The tokens are issued on Base, an Ethereum Layer 2, with USDC trading pairs, and tokenholders connect a DeFi wallet such as MetaMask or WalletConnect [S1][S2]. Users submit intent-based orders onchain that are executed by solvers when matched with liquidity, while arbitrageurs create or redeem tokens via the Core Bridge to align offchain and onchain prices [S2].

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  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" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Tokenized stocks

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 Vanguard Emerging Markets Stock Index Fund (wtVWO) is a tokenized exposure to the underlying security issued by st0x through S01 Issuer GmbH and distributed through S01 Issuer GmbH.

The token is a synthetic instrument that provides contractual exposure to the reference asset.

Holders rank as unsecured creditors of the issuer in insolvency.

Holders in the European Economic Area can mint and redeem directly with st0x in underlying shares after completing KYC, and holders have a right to redeem at net asset value with monthly settlement.

Residents of jurisdictions under applicable sanctions cannot mint or redeem with st0x.

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.

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

st0x Wrapped Vanguard Emerging Markets Stock Index FundwtVWO