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 (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

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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