USDR, issued by StablR Ltd., is a fiat-referenced stablecoin that references the U.S. dollar (USD) at par and functions as a medium of exchange, store of value, and unit of account redeemable one-to-one for its reference currency [S1][S2][S3].

Each USDR token references one U.S. dollar (USD) and carries a redemption claim to fiat at the fixed exchange rate of 1 USDR to 1 USD against the issuer [S2][S3]. The token is price-pegged only, with no yield, staking rewards, or interest passed to holders and no NAV accrual or rebasing [S3][S4]. StablR markets onramp and offramp of fiat to and from USDR at no additional cost for qualified businesses holding a StablR Account [S4][S5].

StablR Ltd. is a Malta-incorporated company (number C 104007) supervised by the Malta Financial Services Authority (MFSA) and licensed to issue Electronic Money under the Third Schedule to the Financial Institutions Act (Chapter 376) [S1][S2]. USDR is an Electronic Money Token under the EU Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, giving holders a par redemption claim [S2][S3]. Subscribers must pass StablR onboarding, be at least 18, and not be Prohibited Subscribers, explicitly excluding United States persons and tax residents and FATF high-risk jurisdictions [S2]. Reserves are held in segregated accounts separate from Company funds under SL 376.04 [S2].

USDR is issued as an ERC-20 compatible StablR Fiat Token via an upgradeable proxy and implementation contract architecture, deployed across Ethereum, Plasma, Concordium, and Solana [S4][S6]. Tokens are minted and redeemed through StablR's API onramp and offramp once fiat reaches the Company bank account, settling within up to three days, with reserves reviewed quarterly by Grant Thornton [S7][S2][S6].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://stablr.com" },
    { id: "S2", url: "https://www.stablr.com/terms-of-use" },
    { id: "S3", url: "https://www.stablr.com/usdr" },
    { id: "S4", url: "https://www.stablr.com/eurr" },
    { id: "S5", url: "https://docs.stablr.com" },
    { id: "S6", url: "https://docs.stablr.com/docs/smart-contract" },
    { id: "S7", url: "https://www.stablr.com/proof-of-reserve" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Stablecoins

StablR issues regulated euro (EURR) and USD (USDR) stablecoins backed by 100% fiat reserves, generating revenue from interest on reserve assets and B2B infrastructure services.

StablR is a European stablecoin issuer providing MiCA-compliant EUR and USD stablecoins for institutional and retail users.

StablR was founded by Gijs Op de Weegh and is licensed under Malta's MFSA, aligned with the EU's MiCA framework.

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Stablecoin issuers

StablR

StablR USD (USDR) is a U.S. dollar stablecoin issued by StablR through StablR Ltd.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in bank deposits, in accounts segregated from the issuer's own funds, attested quarterly by Grant Thornton Malta.

Institutions can mint and redeem directly with StablR in USD after completing KYC, and holders have a contractual right to redeem at par.

USDR has been issued on Ethereum as an ERC-20 token since January 2025.

StablR USDUSDR