# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

Stablecoins

Users swap USDC or USDT for trUSD, then stake trUSD to receive strUSD, which accumulates rewards from the protocol's trading strategies: money-market instruments, futures arbitrage between spot and futures markets, and calendar spreads across contract expiries.

Tori Finance is a synthetic dollar protocol that brings market-neutral trading strategies on-chain. It issues trUSD, a synthetic dollar backed by trading positions rather than fiat reserves, and strUSD, a reward-bearing token created by staking trUSD.

Crypto holders seeking yield on stablecoin balances, with no accreditation, lockups or minimums required.

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Stablecoin issuers

Tori Finance

Tori trUSD (trUSD) is a U.S. dollar stablecoin issued by Tori Finance through Tori (BVI) Limited.

Each token tracks one U.S. dollar and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Reserves are held in cash, bank deposits, and other assets, in accounts segregated from the issuer's own funds, attested daily by HT Digital Ltd.

Retail investors and institutions can mint and redeem directly with Tori Finance in USDC and USDT after completing KYC.

Tori (BVI) Limited is the issuing entity.

Holder terms are governed by the law of the British Virgin Islands.

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

Tori trUSDtrUSD