sUSDX, issued by Stable Company [S1], is tokenized staked-stablecoin interest representing staked USDX, a U.S. dollar (USD) stablecoin backed by a reserve portfolio of U.S. residential mortgages, agency mortgage-backed securities (MBS), and liquid reserves [S2].

Holders receive a non-rebasing token whose value rises as the reserve portfolio accrues yield, sourced from agency MBS coupon income, whole mortgage loan interest, tokenized mortgage interest, and liquid reserve returns, net of protocol fees [S2][S3]. Yield accrues to the staked pool in USDX and compounds daily, increasing each token's redemption value rather than its quantity [S4]. Minting on the permissionless path costs 10 basis points, and USDC redemption costs 50 basis points [S5][S6].

Stable Company operates the offchain components and controls reserve assets through a bankruptcy-remote special purpose vehicle, targeting portfolio collateralization of at least 102% [S1][S7]. The issuer characterizes USDX as a payment stablecoin that is not a security and confers no claim on profits, governance rights, or residual value [S8]. Institutional minting and redemption require KYC, KYB, AML monitoring, and sanctions screening, with sanctioned addresses blocked from minting, redemption, and staking [S8]. Default redemption settles within seven days; expedited redemption settles within one to three business days, and extended settlement may reach 45 days during collateral stress [S5]. Agency MBS reserves are held by qualified custodians in segregated accounts [S7].

USDX is deployed on Ethereum, Base, Solana, and Monad, while the staked token is currently issued on Solana [S9]. Users stake USDX to mint the staked token at the prevailing exchange rate, and unstaking activates a seven-day cooldown before withdrawal [S4]. The protocol publishes a daily onchain attestation reporting the collateralization ratio and aggregate reserve book value, serving as the canonical reserve-status oracle [S10].

<Sources
  retrievedAt="2026-06-30"
  items={[
    { id: "S1", url: "https://docs.trystable.co/usdx-whitepaper/system-overview.md" },
    { id: "S2", url: "https://docs.trystable.co/stable-docs/usdx.md" },
    { id: "S3", url: "https://docs.trystable.co/usdx-whitepaper/musdx-staked-usdx.md" },
    { id: "S4", url: "https://docs.trystable.co/stable-docs/usdx/staking-usdx.md" },
    { id: "S5", url: "https://docs.trystable.co/usdx-whitepaper/mint-and-redeem.md" },
    { id: "S6", url: "https://docs.trystable.co/stable-docs/usdx/redeeming-usdx.md" },
    { id: "S7", url: "https://docs.trystable.co/usdx-whitepaper/collateral-framework.md" },
    { id: "S8", url: "https://docs.trystable.co/usdx-whitepaper/regulatory-framework.md" },
    { id: "S9", url: "https://docs.trystable.co/stable-docs/usdx/usdx-contract-addresses.md" },
    { id: "S10", url: "https://docs.trystable.co/usdx-whitepaper/technical-architecture.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)

Tokenized funds

Users deposit funds and receive USDX at a 1:1 rate; staking USDX into sUSDX accrues yield via an increasing exchange rate.

Stable (trystable.co) is a stablecoin issuer bringing the U.S. dollar onchain via USDX, with native deployment on Solana.

Stable is the issuer of USDX, a U.S. Dollar-pegged stablecoin, and sUSDX, its yield-bearing staked version.

website

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Stablecoin issuers

Stable

Stable Staked USDX (sUSDX) is a tokenized fund share issued by Stable through Stable Company.

Each token is a direct claim on the issuer.

The fund is open-ended and invests in U.S. multi-asset.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in USDX, and holders have a right to redeem at net asset value with monthly settlement.

Holder terms are governed by the law of Delaware in the United States.

sUSDX has been issued on Solana as a SPL Token token since April 2026.

Staked USDXsUSDX