stGLD, issued by Tenbin AssetCo (BVI) SPC Ltd., is a tokenized commodity-denominated debt instrument providing staked, yield-bearing economic exposure to spot gold while the underlying base token tracks the price of one troy ounce [S1][S2][S3].

stGLD represents staked Tenbin Gold (tGLD), which tracks one troy ounce of spot gold [S2][S4]. The base token is static and not itself yield-bearing; holders earn yield only by depositing tGLD 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 commodity-denominated 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].

stGLD 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 providing commodity pricing as a backstop against off-peg execution [S10][S2].

<Sources
  retrievedAt="2026-06-21"
  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/api-documentation-and-sdks/contract-addresses-and-api-urls.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" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized commodities

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 Gold (stGLD) is a gold-backed token issued by Tenbin Labs through Tenbin AssetCo (BVI) SPC Ltd.

Professional investors and institutions can mint and redeem directly with Tenbin Labs, and holders have a contractual right to redeem for the metal's cash value, with two-to-five-business-day settlement.

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

stGLD has been issued on Ethereum as an ERC-4626 token since May 2026.

Staked Tenbin GoldstGLD