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 Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of USD0 stablecoin tokens that are currently in circulation and available in the market. This metric tracks the net cumulative effect of all mint and burn operations for the USD0 token on Ethereum. The calculation identifies mint events (when new tokens are created) and burn events (when tokens are permanently removed from circulation) by analyzing token transfer patterns, then maintains a running total of the outstanding token supply over time.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events for the USD0 token contract (`0x73a15fed60bf67631dc6cd7bc5b6e8da8190acf5`) on Ethereum
- **Token metadata**: USD0 token configuration data including decimal precision for amount normalization  
- **End-of-day price feeds**: USD0 token prices for converting supply values to USD equivalent

## 3. Step-by-step calculation

### Component A: Token transfer extraction
- **Purpose**: Collect all USD0 token transfer events from Ethereum blockchain
- **Logic**: Extract all `Transfer` events for the USD0 token contract address (`0x73a15fed60bf67631dc6cd7bc5b6e8da8190acf5`) from Ethereum event logs. Filter out removed or invalid transactions. Capture key fields including block timestamp, transaction hash, from/to addresses, and transfer amounts
- **Key fields**: `block_timestamp` for timing, `from_address` and `to_address` for direction, `value` for transfer amount, `token_address` for contract identification

### Component B: Mint and burn identification  
- **Purpose**: Classify token transfers as either mint operations (token creation) or burn operations (token destruction)
- **Logic**: Identify mint events as transfers originating from the null address (`0x0000000000000000000000000000000000000000`), indicating new tokens being created. Identify burn events as transfers sent to either the null address or dead address (`0x000000000000000000000000000000000000dead`), indicating tokens being permanently removed from circulation. Apply positive amounts for mints and negative amounts for burns to calculate net supply changes
- **Key fields**: `from_address` and `to_address` for mint/burn classification, `amount` for quantity with appropriate sign

### Component C: Amount normalization and daily aggregation
- **Purpose**: Standardize token amounts and aggregate supply changes by day
- **Logic**: Apply decimal correction using USD0 token metadata to convert raw transfer amounts to proper token units. Aggregate all mint and burn amounts by day using block timestamp truncated to daily boundaries. Sum positive mint amounts and negative burn amounts to calculate net daily supply changes
- **Key fields**: `amount` after decimal correction, `timestamp` truncated to day granularity

### Component D: Cumulative supply calculation
- **Purpose**: Calculate the running total of outstanding tokens over time
- **Logic**: Apply cumulative sum calculation over the daily net supply changes, ordered chronologically by date. This running total represents the total outstanding supply at each point in time, accounting for all historical mint and burn operations
- **Key fields**: `outstanding_supply` as cumulative sum of daily amount changes

### Final aggregation
- **Combining components**: The daily supply changes flow through decimal correction, then into cumulative sum calculation to produce time-series outstanding supply values
- **Currency conversion**: Outstanding supply amounts are converted to USD equivalent using end-of-day USD0 price feeds
- **Time aggregation**: Daily time boundaries are maintained throughout, with missing days filled forward to ensure continuous time series
- **Final calculation**: The final outstanding supply represents the cumulative net effect of all mint and burn operations for USD0 tokens, expressed in both token units and USD value

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

Circulating supply of stablecoins issued by the project.

UsualUSUAL

Outstanding supply

Outstanding supply

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