Users deposit funds into Tether account and receive USDT at a 1:1 rate.

Tether is a financial technology company that is the principal architect of USDT - full-reserve fiat stablecoin that bring US dollar liquidity on-chain.

Tether is a private company owned by the Hong Kong-registered iFinex Inc.

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Tether

# Tether Total value locked Methodology

## 1. Overview

Tether TVL (Total Value Locked) represents the total USD value of all outstanding Tether tokens across multiple blockchains. This metric measures the aggregate market value of USDT, EURT, and Tether Gold tokens in circulation, calculated as the outstanding supply of each token multiplied by its USD price. The calculation tracks token minting and burning events across Ethereum, Avalanche, Tron, Celo, TON, Aptos, and Solana to determine net outstanding supply, then subtracts treasury holdings to arrive at circulating supply.

## 2. Data sources

The calculation uses several types of blockchain and external data:

- **Smart contract events**: Parsed `Issue`, `Mint`, `Redeem`, `DestroyedBlackFunds`, and `DestroyedBlockedFunds` events from Ethereum, Avalanche, Tron, and Celo for USDT, EURT, and Tether Gold tokens
- **TON blockchain data**: `Jetton_Transfer_event` logs for USDT transfers, specifically tracking transfers to and from treasury addresses
- **Aptos blockchain events**: Specific mint and burn events for USDT operations
- **Solana transaction data**: USDT operations on the Solana blockchain
- **Treasury balance snapshots**: Daily token balances for specific treasury wallet addresses on Ethereum
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Contract addresses, decimal specifications, and token symbols for proper normalization

## 3. Step-by-step calculation

### Component A: Mint event tracking
- **Purpose**: Captures all token creation events that increase outstanding supply
- **Logic**: Extracts mint events from parsed smart contract logs across multiple chains. For Ethereum, this includes `Issue` events for USDT and `Mint` events for EURT and Tether Gold. For other chains like Avalanche and Celo, it captures `Mint` events. TON mints are identified as transfers from the treasury address to other addresses. Aptos mints are captured through specific mint event types. All amounts are normalized by dividing by 10^6 to account for 6-decimal token precision.
- **Key fields**: `block_timestamp` for timing, `amount` for token quantity, `token_address` for token identification, `chain` for blockchain source

### Component B: Burn event tracking
- **Purpose**: Captures all token destruction events that decrease outstanding supply
- **Logic**: Extracts burn events from parsed smart contract logs including `Redeem` events for normal burns and `DestroyedBlackFunds`/`DestroyedBlockedFunds` events for regulatory burns. TON burns are identified as transfers to the treasury address. Aptos burns are captured through specific burn event types. Burns are treated as negative supply changes in the calculation.
- **Key fields**: `block_timestamp` for timing, `amount` for destroyed quantity, `token_address` for token identification, `chain` for blockchain source

### Component C: Daily supply change aggregation
- **Purpose**: Calculates net daily supply changes by combining mints and burns
- **Logic**: Unions mint and burn data, treating mints as positive amounts and burns as negative amounts. Groups by day, chain, product ID, and token address to calculate daily net supply changes. This creates a time series of supply deltas for each token on each chain.
- **Key fields**: `timestamp` truncated to day, `outstanding_delta` as net daily change, `chain` and `product_id` for grouping

### Component D: Cumulative supply calculation
- **Purpose**: Computes running total of outstanding supply over time
- **Logic**: Uses a window function to calculate cumulative sum of daily supply changes, partitioned by chain, product ID, and token address, ordered by timestamp. This creates a running total representing total outstanding supply at each point in time. Forward-fills missing dates to ensure continuous time series.
- **Key fields**: `outstanding_supply` as running cumulative total, partitioned by token and chain

### Component E: Treasury balance adjustment
- **Purpose**: Subtracts tokens held in treasury addresses from circulating supply
- **Logic**: Calculates daily balances for specific treasury wallet addresses on Ethereum, including addresses `0x6c96de32cea08842dcc4058c14d3aaad7fa41dee` for USDT and `0xb9c2321bb7d0db468f570d10a424d1cc8efd696c` for Tether Gold. These treasury balances are subtracted from outstanding supply as negative adjustments since they represent non-circulating tokens.
- **Key fields**: `token_balance` for treasury holdings, `token_address` for specific tokens

### Component F: Cross-chain normalization
- **Purpose**: Standardizes token representation across different blockchains
- **Logic**: Maps TON and Aptos token data to their equivalent Ethereum token addresses for consistent aggregation. TON USDT data gets mapped to Ethereum USDT address `0xdac17f958d2ee523a2206206994597c13d831ec7`, and Aptos USDT gets mapped similarly. This allows summing supply across all chains while maintaining token identity.
- **Key fields**: `chain_id` standardized to source chain, `token_address` mapped to Ethereum equivalents, `real_chain_id` preserving original chain

### Final aggregation
- **Combining components**: Outstanding supply values from all chains and adjustment components are unioned together, with treasury balances and other circulating supply adjustments applied as negative values to the total outstanding supply
- **Currency conversion**: All supply values are converted to USD using end-of-day price feeds matched by token address and timestamp, applying the `convert_to_usd_and_correct_decimals` macro
- **Time aggregation**: Data is aggregated to daily granularity with forward-filling to ensure continuous time series coverage
- **Final calculation**: The TVL metric is calculated by summing all USD-converted outstanding supply values across chains and token types, grouped by timestamp, chain, and product, representing the total dollar value of all Tether tokens in circulation

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Tether

Total value locked

Total value locked

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