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Stablecoin issuers

World Liberty Financial

# World Liberty Financial Circulating asset market cap Methodology

## 1. Overview

Asset market cap circulating for World Liberty Financial measures the total USD value of USD1 stablecoin tokens currently in circulation. This metric represents the market capitalization of circulating USD1 tokens, calculated by tracking the net outstanding supply across all supported blockchain networks. For a USD-pegged stablecoin, the circulating supply in tokens directly translates to market cap in USD under the assumption of maintaining dollar parity.

## 2. Data sources

- **Smart contract event logs**: Parsed `USD1_Mint_event` and `USD1_Burn_event` logs from World Liberty Financial's USD1 stablecoin contracts deployed on Ethereum and BSC networks
- **Blockchain transaction data**: Block timestamps and transaction metadata from Ethereum and BSC for event contextualization
- **End-of-day price feeds**: Token price data for USD conversion, though USD1 as a stablecoin should maintain approximately $1.00 value
- **Token metadata**: Contract addresses and decimal precision information for USD1 tokens across supported chains

## 3. Step-by-step calculation

### Component A: Mint event processing
- **Purpose**: Captures new USD1 tokens entering circulation through mint operations
- **Logic**: Extracts `USD1_Mint_event` logs from Ethereum and BSC blockchain event data. Each mint event contains an `amount` field representing newly created tokens in 18-decimal precision. The process normalizes these amounts by dividing by 10^18 to convert to whole token units. Events are filtered to exclude removed/reverted transactions and are tagged with chain identifier, market sector as stablecoin issuers, business segment as stablecoin issuer, and product identifier as usd1.
- **Key fields**: `block_timestamp` for timing, `amount` for token quantities, `address` for contract identification, `transaction_hash` and `log_index` for event uniqueness

### Component B: Burn event processing  
- **Purpose**: Captures USD1 tokens being removed from circulation through burn/redemption operations
- **Logic**: Processes `USD1_Burn_event` logs from the same blockchain networks using identical extraction logic as mint events. Burn amounts are converted from 18-decimal precision to whole tokens and will be treated as negative adjustments to the outstanding supply in subsequent calculations. The same metadata enrichment applies including chain identification and business categorization.
- **Key fields**: `block_timestamp` for timing, `amount` for burned token quantities, contract `address`, transaction identifiers for uniqueness

### Component C: Daily supply change calculation
- **Purpose**: Aggregates all mint and burn activities into net daily supply changes
- **Logic**: Combines mint and burn events into a unified dataset where mint amounts are positive and burn amounts are negative (by multiplying burn amounts by -1). Events are grouped by day using timestamp truncation, along with chain identifier, product identifier, and token address. Daily net changes are calculated by summing all positive mint amounts and negative burn amounts within each day-chain-token combination.
- **Key fields**: `timestamp` (truncated to day), `chain_id`, `product_id`, `token_address`, aggregated `amount` representing net daily change

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Determines the total outstanding supply at each point in time
- **Logic**: Applies a cumulative sum calculation using window functions partitioned by chain, product, and token address, ordered chronologically by timestamp. This running total represents the net outstanding supply of USD1 tokens, starting from zero and increasing with mints while decreasing with burns. The calculation maintains separate running totals for each chain-token combination.
- **Key fields**: `outstanding_supply` representing cumulative token balance over time

### Component E: Time series completion
- **Purpose**: Ensures continuous daily data coverage without gaps
- **Logic**: Applies forward filling to propagate the last known outstanding supply value to any missing dates in the time series. This ensures that weekends, holidays, or periods without mint/burn activity still show the correct outstanding supply balance. Forward filling is applied within each chain-product-token partition to maintain accurate balances across different tokens and networks.
- **Key fields**: Forward-filled `outstanding_supply` values maintaining consistency across time gaps

### Final aggregation
- **Combining components**: The outstanding supply values from all processing steps are passed through USD conversion and finalization macros
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds, though for USD1 stablecoin this should maintain approximately 1:1 conversion ratio
- **Time aggregation**: Data is maintained at daily granularity with timestamp grain set to 'day'
- **Final calculation**: The outstanding supply in USD directly equals the asset market cap circulating, since for a properly functioning stablecoin, each token in circulation should represent $1 of market value. The final metric applies chain availability filters and schema standardization to produce the circulating market cap metric.

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

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

World Liberty FinancialWLFI

Circulating asset market cap

Circulating asset market cap

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