Users deposit US Treasury Bills and receive USD0, Usual's USD stablecoin. With USD0, users can purchase the enhanced T-Bill (USD0++), allowing them to earn rewards in USUAL tokens.

Usual is a decentralized Fiat Stablecoin issuer built on Ethereum and it was launched in 2024.

USUAL tokenholders own and govern the protocol. They currently collect all of the RWA collateral interest (revenue). Usual's investors include Bing Ventures, StarkWare, Kima Ventures, etc.

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Usual

# Usual Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for Usual protocol represents the total USD value of circulating Real World Assets (RWAs) and stablecoins managed by the protocol. This metric equals the protocol's Total Value Locked (TVL), which combines two main components: treasury holdings of RWA tokens and outstanding supply of issued stablecoins. The calculation tracks token movements through blockchain transfer events to maintain real-time balances of protocol-controlled assets.

## 2. Data sources

- **Ethereum ERC20 transfer events**: Parsed `Transfer` events for four specific Usual protocol tokens - USD0 (stablecoin), USYC (yield-bearing RWA), USUALM (wrapped asset), and ETH0 (liquid staking token)
- **USYC price feeds**: Custom oracle data from `SDYCAggregator_BalanceReported_event` providing price updates with 8 decimal precision
- **End-of-day token price feeds**: Standard price feeds for USD conversion of protocol tokens
- **Treasury address tracking**: Specific Ethereum address (`0xdd82875f0840aad58a455a70b88eed9f59cec7c7`) identified as the protocol treasury
- **Token metadata**: Contract addresses and decimal specifications for each tracked token

## 3. Step-by-step calculation

### Component A: Treasury asset tracking
- **Purpose**: Calculate the USD value of RWA tokens and wrapped assets held in the protocol treasury
- **Logic**: Track all `Transfer` events involving the designated treasury address for USYC and USUALM tokens. Outgoing transfers (from treasury) are recorded as negative amounts, while incoming transfers (to treasury) are positive amounts. For ETH0 tokens, track mint events (transfers from null address) as positive amounts and burn events (transfers to null address or dead address) as negative amounts. Daily aggregation creates net transfer amounts per token, then cumulative sum calculations maintain running treasury balances over time.
- **Key fields**: `block_timestamp` for daily aggregation, `from_address` and `to_address` for treasury identification, `amount` values corrected for token decimals, `token_address` for asset classification

### Component B: Outstanding stablecoin supply
- **Purpose**: Calculate the total circulating supply of USD0 stablecoins issued by the protocol
- **Logic**: Monitor USD0 token `Transfer` events to identify mint and burn operations. Mint events are transfers from the null address (`0x0000000000000000000000000000000000000000`) representing new token creation, recorded as positive amounts. Burn events are transfers to either the null address or dead address (`0x000000000000000000000000000000000000dead`) representing token destruction, recorded as negative amounts. Daily aggregation sums all mint and burn events, then cumulative sum calculation tracks total outstanding supply over time.
- **Key fields**: `amount` values for mint/burn quantities, `from_address` and `to_address` for identifying mint/burn operations, daily `timestamp` boundaries

### Component C: USD price conversion
- **Purpose**: Convert token amounts to USD values using appropriate price feeds
- **Logic**: Apply different pricing methodologies based on token type. For USYC tokens, use the custom `SDYCAggregator_BalanceReported_event` oracle data where `price` values are divided by 10^8 to correct for decimal precision, then forward-filled for missing days. For other tokens, use standard end-of-day price feeds. Multiply treasury balances and outstanding supply amounts by corresponding USD prices to get dollar values.
- **Key fields**: `price` from oracle events, `price_usd` from standard feeds, `timestamp` alignment for price matching

### Final aggregation
- **Combining components**: Union the USD-converted treasury asset values with USD-converted outstanding stablecoin supply values, treating both as TVL contributions
- **Currency conversion**: All amounts converted to USD using token-specific price feeds with appropriate decimal corrections applied before price multiplication
- **Time aggregation**: Daily timestamp boundaries with forward-filling applied to ensure complete time series without gaps
- **Final calculation**: The asset market cap circulating equals the sum of treasury asset values plus outstanding stablecoin supply values, representing the total dollar value of assets controlled or issued by the Usual protocol

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

Tokenized asset value / AUM (assets under management) — price times circulating supply.

UsualUSUAL

Circulating asset market cap

Circulating asset market cap

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