sUSDai, issued by the USD.AI Protocol smart contracts under the governance of CHIP tokenholders, is a yield-bearing tokenized credit fund interest representing a claim on a portfolio of GPU-collateralized loans and idle reserves [S1][S2].

Holders of sUSDai receive a claim on a Credit fund comprising GPU-collateralized loans structured at roughly 70-80% loan-to-value and fixed rates of approximately 7-15% APR, plus idle reserves held in short-term U.S. Treasury Bills, and a PayPal 4.5% annual incentive on PYUSD held in the protocol, capped at $1 billion (USD) for 2026 [S3]. Yield accrues through exchange-ratio appreciation as vault NAV grows, targeting approximately 10-15% APR [S1][S3]. Borrower-side closing fees apply to net proceeds [S3].

The protocol is governed by the USD.AI Foundation, a Cayman Islands foundation company, with GPU Finance Ltd., a Cayman subsidiary, acting as Administrative Agent and Lender, and Permian Labs, a Delaware corporation, serving as service provider; sUSDai is not issued by a single corporate entity [S3]. The token is characterized as a utility token, unregistered under the U.S. Securities Act of 1933 [S4]. Primary minting and redemption is whitelisted to KYC-verified institutional depositors, though sUSDai stays permissionless to hold and trade [S4][S3]. GPU Finance Ltd. files UCC-1 financing statements establishing first-priority security interests, with loan proceeds held by Wilmington Trust, National Association as independent Escrow Agent [S3].

sUSDai is an ERC-4626 vault token with ERC-7540 asynchronous redemption, deployed on Arbitrum as hub plus Ethereum, Base, and Plasma as LayerZero Omnichain Fungible Token deployments [S2][S5]. Users stake USDai synchronously to mint shares; redemptions are requested via requestRedeem() and serviced through a FIFO queue at the end of fixed 30-day windows [S2]. A ChainlinkPriceOracle denominates NAV in USDai [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://usd.ai/" },
    { id: "S2", url: "https://docs.usd.ai/technical-overview/technical-protocol-overview" },
    { id: "S3", url: "https://docs.usd.ai/llms-full.txt" },
    { id: "S4", url: "https://docs.usd.ai/terms-of-service/usd.ai-terms-of-service" },
    { id: "S5", url: "https://docs.usd.ai/technical-overview/contract-addresses" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Tokenized funds

The protocol utilizes the CALIBER system (Collateralized Asset Ledger: Insurance, Bailout, Evaluation, and Redemption) to tokenize physical hardware collateral into verifiable on-chain assets with enforceable property rights. It operates through bankruptcy-remote SPVs, equity down payments, and FiLo vaults that create multiple lines of defense for token holders, while managing illiquid collateral through market-driven mechanisms like QEV (Queue Extractable Value) rather than first-come-first-served redemptions.

The project operates an overcollateralized stablecoin (USDai) that generates yield by providing liquidity to emerging AI companies with real-world hardware collateral. Users can stake USDai to earn sUSDai, which provides real yield backed by AI infrastructure investments and can be used across DeFi protocols for additional returns.

USDai is a decentralized stablecoin protocol developed by Permian Labs that bridges traditional finance with AI infrastructure lending.

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Real-world asset (RWA) issuers

USDai

Staked USDai (sUSDai) is a tokenized fund share issued by USDai through USD.AI Foundation.

Each token is a direct claim on the issuer.

The fund is open-ended and invests in U.S. private credit and government debt.

Retail investors and institutions can subscribe and redeem in USDai and instant subscription settlement, and holders have a right to redeem at net asset value with scheduled settlement.

USD.AI Foundation is incorporated in the Cayman Islands.

Holder terms are governed by the law of the Cayman Islands, with disputes heard in the United States.

sUSDai has been issued on public blockchains since May 2025 and is native to Arbitrum One, Ethereum, and Plasma.

Staked USDaisUSDai