# 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

Tokens are deployed from factory contracts as 18-decimal ShareTokens on Arbitrum and whole-unit StockTokens on BSC, minted only against securities the protocol has acquired. Dividends are distributed to holders net of withholding tax rather than reinvested into the token. Offered only to non-U.S. persons under Regulation S after onboarding.

Stove Protocol issues tokenized stocks on Arbitrum One, HashKey Chain, Pharos and BSC covering companies and ETFs listed in the U.S., Hong Kong and Korea. Each token is a debt instrument that gives holders economic exposure to the underlying share, backed 1:1 by securities held with regulated brokers. Tokens carry no shareholder rights.

Stove Finance operates Stove Protocol, an onchain issuance and settlement protocol for tokenized equities. The legal entity behind the issuer is not publicly disclosed; the terms of service are governed by British Virgin Islands law.

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Real-world asset (RWA) issuers

Stove

T-Rex 2X Inverse MSTR Daily Target ETF (Stove Tokenized ETF) (MSTZs) is a token tracking T-Rex 2X Inverse MSTR Daily Target ETF shares, backed by dedicated collateral.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, and carries no voting rights.

Professional investors, accredited investors, qualified investors, and institutions worldwide can mint and redeem directly with Stove after completing KYC.

Residents of Canada, China, the United States, and jurisdictions under applicable sanctions cannot mint or redeem with Stove.

MSTZs has been issued on public blockchains since June 2026 and is native to BNB Chain and Arbitrum One.

T-Rex 2X Inverse MSTR Daily Target ETF (Stove Tokenized ETF)MSTZs