The platform operates across multiple blockchains including Ethereum, Polygon, Solana, Base, and others, allowing users to buy, sell, and transfer tokens 24/7. VNX maintains regulatory compliance through its TVTG registration as a Token Generator and Service Provider, ensures transparency through asset allocation lookups and regular reporting, and generates revenue through token issuance and platform services.

VNX creates blockchain-based tokens that represent physical assets, offering VEUR, VCHF, VGBP (fiat-referenced tokens) and VNXAU (gold-backed tokens). These multichain digital assets enable users to trade, transfer, and utilize real-world assets in DeFi protocols while maintaining regulatory compliance and full transparency through allocated physical backing.

VNX is a Liechtenstein-licensed blockchain company regulated by the Financial Market Authority (FMA) that specializes in tokenizing real-world assets including fiat currencies and precious metals.

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Stablecoin issuers

# VNX Outstanding supply Methodology

## 1. Overview

The VNX outstanding supply metric measures the total USD value of tokenized assets under management by VNX across all supported products and blockchains. This metric represents the aggregate market capitalization of VNX's tokenized asset offerings, including tokenized commodities and stablecoins. The calculation leverages pre-calculated asset market capitalization values and maps them to VNX's product portfolio to determine the total outstanding supply value.

## 2. Data sources

- **VNX product metadata**: Product definitions, asset mappings, token symbols, and market sector classifications from VNX's datahub configuration
- **Asset market capitalization data**: Pre-calculated USD market cap values for circulating supply from Token Terminal's asset metrics system  
- **Token metadata**: Blockchain token addresses and asset identifiers for mapping VNX products to their underlying tokenized assets
- **Chain configuration data**: Supported blockchain networks and availability filters for multi-chain asset tracking

## 3. Step-by-step calculation

### Component A: VNX product and asset mapping
- **Purpose**: Establishes the relationship between VNX products and their underlying tokenized assets
- **Logic**: Extract VNX product metadata from the datahub configuration, filtering for records where `data_id` equals 'vnx' and asset metadata exists. Map each VNX product to its corresponding `asset_id`, `token_symbol`, and product categorization. Apply market sector classification logic that prioritizes 'tokenized-commodities' tags, followed by 'stablecoins', and defaults to the first available tag for other products
- **Key fields**: `product_id`, `asset_id`, `token_symbol`, `market_sector_id` derived from product tags

### Component B: Asset market cap retrieval  
- **Purpose**: Fetches pre-calculated USD market capitalization values for VNX's underlying assets
- **Logic**: Query the metrics system for `asset_market_cap_circulating` values, which represent the total USD value of circulating token supply. Filter for daily timestamp grain and include chain identifiers and token addresses for proper asset identification
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `asset_id`, `asset_market_cap_circulating` value in USD

### Component C: Product-to-asset value mapping
- **Purpose**: Connects VNX products to their corresponding asset market cap values
- **Logic**: Join VNX product metadata with asset market cap data using `asset_id` as the primary key. Assign business categorization as 'asset_management' for all VNX products. Set `market_sector_id` and `business_segment_id` to the same market sector classification. Map the `asset_market_cap_circulating` value to the `outstanding_supply` field to represent the USD value of each product's tokenized assets
- **Key fields**: All product metadata fields plus `outstanding_supply` mapped from asset market cap values

### Final aggregation
- **Combining components**: Sum `outstanding_supply` values by day, chain, and product to handle any potential duplicate records within the same time period
- **Currency conversion**: Values are already in USD from the underlying asset market cap calculations, requiring no additional currency conversion
- **Time aggregation**: Daily aggregation ensures one record per product per day, with timestamp boundaries aligned to UTC day boundaries  
- **Final calculation**: Apply the `finalize_metric_outstanding_supply` macro with zero-fill strategy to standardize the schema, validate product and chain identifiers, and forward-fill missing data points with zero values. Apply chain availability filters to ensure data consistency across supported blockchain networks. The final outstanding supply represents the total USD market value of all tokenized assets under VNX management for each product and chain combination.

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

Circulating supply of stablecoins issued by the project.

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Outstanding supply

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Competitive landscape

Chain breakdown