stBRL, issued by Tenbin AssetCo (BVI) SPC Ltd., is a tokenized debt instrument providing staked, yield-bearing economic exposure to the Brazilian Real (BRL) while the underlying base token tracks the currency through offchain hedging and onchain settlement infrastructure operated by Tenbin Labs on Ethereum [S1][S2][S3].

stBRL represents staked Tenbin Brazilian Real (tBRL), which provides delta-neutral exposure to the Brazilian Real (BRL) [S2][S4]. The base token is static and not itself yield-bearing; holders earn yield only by depositing tBRL into an ERC4626 vault, receiving a staking token whose share price appreciates as rewards are minted to the staking pool [S2][S3]. Yield derives from onchain collateral returns net of hedge financing costs plus institutional carry, is not guaranteed, and may be modified or discontinued [S5][S3].

Tokens are issued through Tenbin AssetCo (BVI) SPC Ltd., a British Virgin Islands segregated portfolio company using a bankruptcy-remote framework that isolates each portfolio's assets from Tenbin Labs' operations [S1][S6]. The holder's claim is a direct, unconditional, unsecured debt obligation of the relevant issuer portfolio, characterized as a debenture, and is not a deposit, stablecoin, or fund interest [S1][S7]. Direct minting and redemption require onboarding, wallet screening, and KYC/KYB, and are unavailable in the United States and a broad excluded-jurisdiction list aligned with the FATF framework [S8][S9]. Approved users redeem onchain in stablecoins via the Controller contract; staked positions require a cooldown and unstake flow [S2][S10][S3].

stBRL is issued onchain on Ethereum using a custom ERC4626 staking vault, with the base token following the EVM ERC-20 standard [S8][S3][S11]. Minting and redemption are processed atomically by a Controller contract against stablecoin collateral, settling onchain, with an Oracle Adapter and Chainlink supplying 24/7 FX pricing as a backstop against off-peg execution [S10][S2].

<Sources
  retrievedAt="2026-07-13"
  items={[
    { id: "S1", url: "https://docs.tenbinlabs.xyz/legal-and-transparency/legal-and-regulatory.md" },
    { id: "S2", url: "https://docs.tenbinlabs.xyz/product/what-is-a-tenbin-asset.md" },
    { id: "S3", url: "https://docs.tenbinlabs.xyz/solution-overview/staking.md" },
    { id: "S4", url: "https://docs.tenbinlabs.xyz/solution-overview/key-trust-assumptions.md" },
    { id: "S5", url: "https://docs.tenbinlabs.xyz/solution-overview/protocol-revenue.md" },
    { id: "S6", url: "https://docs.tenbinlabs.xyz/legal-and-transparency/trust-and-transparency.md" },
    { id: "S7", url: "https://docs.tenbinlabs.xyz/resources/general-disclosure.md" },
    { id: "S8", url: "https://docs.tenbinlabs.xyz/tenbin-overview/what-is-tenbin.md" },
    { id: "S9", url: "https://docs.tenbinlabs.xyz/legal-and-transparency/geographic-restrictions.md" },
    { id: "S10", url: "https://docs.tenbinlabs.xyz/solution-overview/minting-and-redemption.md" },
    { id: "S11", url: "https://docs.tenbinlabs.xyz/solution-overview/core-addresses.md" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized funds

Tenbin issues liquid, composable asset tokens (e.g., Tenbin Gold) that reference underlying market exposure through a mix of off-chain hedging and on-chain settlement; staked variants accrue yield.

Tenbin is an on-chain asset tokenization protocol that brings liquid real-world assets — precious metals, yield-bearing currencies, and other commodities — on-chain for use in DeFi. It combines on-chain settlement with off-chain hedging, pricing, and yield-generation infrastructure.

Tenbin Labs builds and operates the Tenbin tokenization protocol.

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Real-world asset (RWA) issuers

Tenbin Labs

Staked Tenbin Brazilian Real (stBRL) is a tokenized fund share issued by Tenbin Labs through Tenbin AssetCo (BVI) SPC Ltd.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in Latin America, and keeps its assets in accounts segregated within a bankruptcy-remote structure.

Professional investors and institutions can subscribe and redeem in tBRL, and holders have a right to redeem at net asset value.

Tenbin AssetCo (BVI) SPC Ltd. is incorporated in the British Virgin Islands.

Holder terms are governed by the law of Delaware in the United States.

stBRL has been issued on Ethereum as an ERC-4626 token since June 2026.

Staked Tenbin Brazilian RealstBRL