USDM1 is minted 1:1 against USD reserves and redeemable through M1X Digital's regulated distribution partners. Reserves are held with regulated custodians and attested periodically by independent auditors.

M1X Digital issues USDM1, a multi-chain U.S. dollar stablecoin backed by short-term U.S. Treasury bills and cash equivalents, deployed on Ethereum, Solana, and Stellar/Soroban.

M1X Digital is a fintech issuer of regulated digital-asset products bridging traditional finance and on-chain markets, with operations linked to the Republic of the Marshall Islands' Ministry of Finance.

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Stablecoin issuers

M1X Digital

# Active addresses (monthly) Methodology

## Overview

Active addresses (monthly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Monthly active addresses are measured on a 30-day rolling basis.

## Data sources

- Raw blockchain transaction records (including sender and signer addresses)
- Program instructions and module events
- Action-level metadata and transaction traces
- Asset metadata for account and program identification

## Common calculation approaches

### Transaction sender identification
For blockchain networks, unique sender addresses are identified from raw transaction records. For example, on Ethereum, the originating address for each transaction is extracted to maintain a count of distinct participants over a 30-day rolling window.

### Instruction and module event analysis
For networks with multi-action execution models, active addresses are identified from program instructions or module events. For instance, signers are captured from program instructions on Solana and from module events on Aptos to provide a comprehensive representation of network activity.

### Meta-transaction and action-level tracking
For blockchains supporting delegated execution, user activity is tracked by identifying unique account IDs across various action types. On networks such as NEAR Protocol, this involves analyzing action metadata to distinguish between direct initiators and accounts participating in meta-transactions.

### UTXO-based address resolution
For networks using an unspent transaction output model, active addresses are identified by resolving transaction inputs back to their controlling scripts. This approach is applied to Bitcoin, where transaction inputs are mapped to specific addresses to determine the number of distinct spenders.

**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.*

Unique addresses active over a rolling 30-day window.

M1X Digital

Active addresses (monthly)

Active addresses (monthly)

Competitive landscape

Chain breakdown