tBRL, issued by Tenbin AssetCo (BVI) SPC Ltd., is a tokenized unsecured debt obligation providing onchain economic exposure to the Brazilian Real (BRL) through Tenbin's offchain hedging and onchain settlement infrastructure [S1][S2].

tBRL tracks the price of the Brazilian Real (BRL), giving tokenholders economic exposure without any ownership stake in the underlying hedge positions [S2][S3]. Exposure is held delta-neutral by an offchain hedging engine referencing CME futures markets [S2][S4]. The base token is static and not yield-bearing; yield is earned only by staking into a vault [S2][S5]. Under normal market conditions the system is effectively fee-free, with a Conditional Market Adjustment Fee applying only when hedge positions face unfavorable carry or stressed unwinds [S6][S7].

tBRL is issued through Tenbin AssetCo (BVI) SPC Ltd., a British Virgin Islands segregated portfolio company using a bankruptcy-remote framework that isolates each portfolio's backing assets from Tenbin Labs' operating activities [S1][S4]. Each token is a direct, unconditional, unsecured debt obligation of the relevant issuer portfolio, characterized as a debenture, and is not a bank deposit, fund interest, or insured instrument [S1][S8]. Tenbin Assets are unavailable in the United States and a broad list of excluded jurisdictions, requiring KYC/KYB onboarding, wallet screening, and approved-recipient controls [S1][S4][S9]. Approved users redeem via the Controller contract, settling atomically onchain in stablecoins [S2][S10].

tBRL is an Ethereum token consistent with ERC-20, with Ethereum the only named supported network [S4][S11]. Minting and redemption are processed by a Controller contract using stablecoin collateral, settling atomically onchain; at mint, collateral splits between offchain futures hedge margin and onchain ERC4626 vaults [S10][S12]. Pricing tracks observable market prices via an Oracle Adapter backstop, with Chainlink supplying 24/7 FX pricing [S10][S2]. Staking uses a custom ERC4626 vault [S5].

<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/key-trust-assumptions.md" },
    { id: "S4", url: "https://docs.tenbinlabs.xyz/tenbin-overview/what-is-tenbin.md" },
    { id: "S5", url: "https://docs.tenbinlabs.xyz/solution-overview/staking.md" },
    { id: "S6", url: "https://docs.tenbinlabs.xyz/hedging-and-risk/peg-mechanism/conditional-market-adjustment-fee.md" },
    { id: "S7", url: "https://docs.tenbinlabs.xyz/solution-overview/protocol-revenue.md" },
    { id: "S8", url: "https://docs.tenbinlabs.xyz/resources/general-disclosure.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" },
    { id: "S12", url: "https://docs.tenbinlabs.xyz/solution-overview/collateral-manager.md" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

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

Tenbin Brazilian Real (tBRL) is a Brazilian Real stablecoin issued by Tenbin Labs through Tenbin AssetCo (BVI) SPC Ltd.

Each token is redeemable one-for-one for Brazilian Real and is a direct claim on the issuer.

Reserves are held in segregated accounts within a bankruptcy-remote structure.

Custody of the reserves rests with Hidden Road Partners.

Professional investors and institutions can mint and redeem directly with Tenbin Labs after completing KYC, and holders have a contractual right to redeem at par.

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.

tBRL has been issued on Ethereum as an ERC-20 token since June 2026.

Tenbin Brazilian RealtBRL