sBILI, issued by Stablestocks Lab Limited, is a tokenized stock that gives onchain exposure to Bilibili, Inc. Sponsored ADR Class Z, a U.S.-listed instrument, with each token backed 1:1 by one underlying share held in custody with licensed brokers. [S1][S2]

sBILI tracks the live market price of Bilibili, Inc. Sponsored ADR Class Z (BILI), and if the underlying issues a dividend or distribution and eligibility requirements are met, those economic rights pass through to the tokenholder, though voting rights remain with custodian holders. [S1][S2] Tokenholders may stake into StableVault to receive yield-bearing stStocks combining dividends with DeFi yields. [S3] A Service Fee of 0.1% of the transaction amount applies, alongside upstream broker and trading fees. [S4]

Stablestocks Lab Limited, brand StableStock, is incorporated in the British Virgin Islands and operates from Singapore. [S2][S5] It does not hold financial-services licenses and disclaims being a regulated entity, relying on broker-dealer partners holding an AFSL, a Hong Kong SFC Type 1 license, and U.S. MSB registration. [S5][S2][S6] An sToken is the tokenized representation of a real share; tokens are unregistered under the U.S. Securities Act and offered only to Qualified Investors through affiliated entities. [S5][S1] U.S. persons are barred and KYC and AML verification applies for leverage and IPO access. [S5][S4] Tokenholders may redeem and burn tokens at any time to retrieve the underlying share. [S1][S2]

sTokens are issued natively onchain on Bsc through a liquidity partnership with Native. [S1][S7] Tokens are minted when brokerage-held shares are deposited 1:1 and burned on redemption, with mint, burn, buy, and sell records recorded permanently onchain. [S1][S8] Stablecoin settlement in USDT and USDC funds purchases of real securities, and reserve coverage is published per asset and verified by weekly assurance reports. [S9][S8]

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://stablestock.gitbook.io/ss/concepts/stokens" },
    { id: "S2", url: "https://stablestock.gitbook.io/ss/llms-full.txt" },
    { id: "S3", url: "https://stablestock.gitbook.io/ss/concepts/stablevault.md" },
    { id: "S4", url: "https://stablestock.gitbook.io/ss/concepts/spot/fee.md" },
    { id: "S5", url: "https://stablestock.gitbook.io/ss/legal/terms_of_use.md" },
    { id: "S6", url: "https://stablestock.gitbook.io/ss/introduction/trust-and-security.md" },
    { id: "S7", url: "https://stablestock.gitbook.io/ss/concepts/stokens.md" },
    { id: "S8", url: "https://stablestock.gitbook.io/ss/concepts/transparency" },
    { id: "S9", url: "https://stablestock.gitbook.io/ss/solution/our-model.md" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized stocks

StableStock earns revenue from transaction fees on sStock issuance and redemption via its StableBroker product, and from the spread between deposit/withdrawal flows. Distribution is direct-to-retail (StableBroker app) and B2B via wallet/exchange integrations on BNB Chain.

StableStock issues sStock tokens — ERC-20 tokens on BNB Chain backed 1:1 by the underlying U.S. equity or ETF held at a licensed custodian. The product catalog spans 500+ tokenized stocks and ETFs (e.g. sAAPL, sNVDA, sTSLA, sQQQ) including newly-IPO'd names like sCRCL (Circle) and sBLSH (Bullish) and leveraged/inverse exposures. All sStocks are deployed as BeaconProxy contracts from a single upgradeable factory.

StableStock is an onchain stock asset platform that lets users buy and trade U.S. stocks and ETFs using stablecoins. StableStock is the issuer of sStock tokens — tokenized representations of equities — and is backed by YZi Labs (formerly Binance Labs) among others.

website

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documentation

Real-world asset (RWA) issuers

StableStock

StableStock Bilibili, Inc. Sponsored ADR Class Z (sBILI) is a token tracking BILI shares, backed by dedicated collateral with HabitTrade as broker.

The underlying security is listed in the information technology sector.

Each token tracks one underlying share, entitles holders to dividends, and carries no voting rights.

Residents of the United States and Hong Kong cannot mint or redeem with StableStock.

sBILI has been issued on BNB Chain as an ERC-20 token since September 2025.

StableStock Bilibili, Inc. Sponsored ADR Class ZsBILI