thUSD, issued by the Threshold Protocol smart contracts under the governance of T tokenholders, is a U.S. dollar-pegged stablecoin that tracks the U.S. dollar (USD) and is over-collateralized by tBTC and ETH on a decentralized protocol [S1].

Holders receive a token referencing the U.S. dollar (USD) at a 1:1 peg, backed by tBTC and ETH posted to the protocol's collateralized positions [S1]. The protocol's core asset tBTC is described as a 1:1 tokenized Bitcoin that preserves settlement finality across blockchains [S1]. The collateral is secured by a rotating network of independent node operators so that no single entity can act alone on funds [S1].

thUSD is not issued by a single corporate entity; it is governed by holders of the T token through the Threshold DAO, with protocol decisions made via onchain governance rather than by a corporate issuer [S1][S2]. Since February 2025, following approval of proposals TIP-098 and TIP-100, Threshold Labs handles operations, development, and growth of the protocol and tBTC, centralizing operational execution while preserving decentralized governance [S1]. Governance follows forum discussion, an offchain Snapshot temperature check, onchain proposal creation requiring 0.25% of T supply, a 10-day voting period with a 1.5% quorum, and a 2-day timelock before execution [S2].

The protocol operates on Ethereum and supports cross-chain deployments, with audited cross-chain integrations including CCIP, Sui, Starknet, and Base [S3]. The architecture distributes control of collateral across independent node operators so that no single entity can unilaterally access funds, preserving permissionless, trust-minimized, and censorship-resistant settlement [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.threshold.network/readme.md" },
    { id: "S2", url: "https://docs.threshold.network/governance/governance-process.md" },
    { id: "S3", url: "https://docs.threshold.network/resources/security-audits.md" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

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Threshold Network

Threshold USD (thUSD) is a U.S. dollar stablecoin issued by Threshold Network.

thUSD has been issued on Ethereum as an ERC-20 token since October 2023.

Threshold USDthUSD