Tempo is a Layer 1 blockchain purpose-built for global payments, developed in partnership with leading fintechs and Fortune 500 companies and incubated by Stripe and Paradigm. It delivers high-throughput, low-cost global transactions with sub-second finality, predictable fees, and native stablecoin support.

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Blockchains (L1)

Tempo

# Tempo outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total circulating volume of pathUSD issued on the Tempo blockchain. It excludes stablecoins that have been authorized but not yet issued, or that are held in the issuer's treasury. This metric serves as a proxy for Tempo's revenue-generation capacity, as the collateral backing pathUSD is typically invested in yield-bearing assets such as U.S. Treasuries.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events for pathUSD (contract address `0x20c0000000000000000000000000000000000000`) on the Tempo blockchain
- **External data**: Asset metadata for decimal normalization and end-of-day price feeds for USD conversion

## 3. Step-by-step calculation

### Component A: pathUSD minting activity

- **Purpose**: Identify and quantify the creation of new pathUSD tokens entering circulation.
- **Logic**: ERC-20 `Transfer` events are parsed from the pathUSD contract. Minting operations are identified by filtering for transfers where the sender address is the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation.
- **Key fields**: `from_address` (null for mints), `value` (raw token amount), `token_address`

### Component B: pathUSD redemption activity

- **Purpose**: Identify and quantify the removal of pathUSD tokens from circulation.
- **Logic**: ERC-20 `Transfer` events are parsed from the pathUSD contract. Redemptions (burns) are identified by filtering for transfers where the recipient address is either the null address or the dead address (`0x000000000000000000000000000000000000dead`).
- **Key fields**: `to_address` (null or dead address for burns), `value` (raw token amount), `token_address`

### Component C: Net daily supply change and decimal normalization

- **Purpose**: Calculate the net change in circulating supply for each day.
- **Logic**: Minted amounts are treated as positive values and redeemed amounts as negative values. These are aggregated at daily granularity. All raw token amounts are normalized by the token's decimal precision (18 decimals for pathUSD) using asset metadata.
- **Key fields**: `block_timestamp` (truncated to day), `amount` (normalized), `token_address`

### Component D: Cumulative supply and USD conversion

- **Purpose**: Generate the running total outstanding supply and convert to USD.
- **Logic**: A cumulative sum of daily net supply changes is calculated chronologically to determine the total pathUSD in circulation at each point in time. Since pathUSD is a USD-denominated stablecoin with a 1:1 peg to the U.S. Dollar, the outstanding supply in token terms is approximately equal to the USD value. End-of-day price feeds are applied to convert the outstanding supply to USD. A forward-fill mechanism ensures continuity on days with no minting or redemption activity.
- **Key fields**: `outstanding_supply` (cumulative balance), `price_usd` (valuation)

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

Circulating supply of stablecoins issued by the project.

Tempo

Outstanding supply

Outstanding supply

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