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

sFLY tracks the live market price of Firefly Aerospace Inc. (FLY), 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" },
  ]}
/>


# 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

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

twitter

documentation

Real-world asset (RWA) issuers

StableStock

StableStock Firefly Aerospace Inc. (sFLY) is a token tracking FLY shares, backed by dedicated collateral with HabitTrade as broker.

The underlying security is listed in the industrials sector in North America.

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.

sFLY has been issued on BNB Chain as an ERC-20 token since April 2026.

StableStock Firefly Aerospace Inc.sFLY