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Real-world asset (RWA) issuers

Theo

# theo Capital deployed Methodology

## 1. Overview

The value of user deposits that are allocated into investments by an asset manager is measured by Capital deployed. For theo, the circulating market cap of the thBILL asset is tracked to represent the capital invested in yield-bearing treasury products. This metric is utilized as a proxy for the manager's revenue-generating capacity, as deployed capital is typically invested to earn yield for clients.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer`, `Mint`, and `Burn` events for the thBILL asset on Ethereum
- **External data**: End-of-day price feeds for the thBILL asset

## 3. Step-by-step calculation

### Component A: thBILL supply tracking

- **Purpose**: Track the total supply of the thBILL asset as the basis for capital deployment
- **Logic**: ERC-20 `Transfer`, `Mint`, and `Burn` events are parsed from the thBILL contract. These events are aggregated to determine the total supply of the asset at any given timestamp.
- **Key fields**: `amount` (quantity of assets transferred), `block_timestamp` (timing of supply changes)

### Component B: Circulating supply adjustment

- **Purpose**: Determine the canonical circulating supply by excluding non-circulating and bridged balances
- **Logic**: The total supply is adjusted to exclude preminted assets and non-circulating balances held in treasury-controlled addresses. Data is filtered to include only the canonical Ethereum deployment by excluding bridged versions of the asset, which prevents the double-counting of capital locked in bridge contracts.
- **Key fields**: `bridged` (flag to identify non-canonical deployments), `asset_id` (identifier for the thBILL asset)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize the capital deployed value to USD for reporting
- **Logic**: The circulating supply is multiplied by end-of-day price feeds to determine the USD-denominated capital deployed. Daily values are aggregated using UTC day boundaries. Amounts are normalized by decimal precision to ensure accurate valuation.
- **Key fields**: `asset_market_cap_circulating` (USD-denominated circulating market cap), `timestamp` (daily aggregation boundary)

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

Value of capital allocated into investments by an asset manager.

Theo

Capital deployed

Capital deployed

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