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Stablecoin issuers

World Liberty Financial

# World Liberty Financial Fees Methodology

## 1. Overview

Fees measures the total economic value generated by the reserves backing World Liberty Financial USD1. Interest income generated by the reserves backing the stablecoin is captured by this metric. This interest is earned on the portion of redemption assets held in government money market funds, calculated using overnight interest rates. Economic value generation is reflected through these yield-bearing reserve holdings.

## 2. Data sources

- **Upstream metrics**: Circulating market cap for World Liberty Financial USD1, covering Ethereum and other supported chains
- **External data**: Attestation reports for World Liberty Financial USD1 reserve compositions and overnight interest rate feeds from the Federal Reserve Bank of New York

## 3. Step-by-step calculation

### Component A: World Liberty Financial USD1 reserve share extraction

- **Purpose**: Determine the proportion of World Liberty Financial USD1 backing assets held in yield-generating government money market funds
- **Logic**: PDF text from raw attestation reports is parsed to extract the redemption asset values as of specific dates. The amount held in government money market funds (identified by CUSIP `31607A703`) and the total outstanding redemption assets are extracted. The reserve share is calculated by dividing the money market fund amount by the total redemption assets. This share is filled forward for days between attestation reports.
- **Key fields**: `report_date`, `mmf_amount`, `total_redemption_assets`, `share`

### Component B: World Liberty Financial USD1 interest-bearing supply calculation

- **Purpose**: Calculate the portion of the circulating supply that actively generates interest
- **Logic**: The circulating market cap of World Liberty Financial USD1 is extracted from upstream asset metrics. This circulating supply is multiplied by the active reserve share to determine the interest-bearing supply.
- **Key fields**: `timestamp`, `value` (circulating market cap), `share` (reserve share), `interest_bearing_supply`

### Component C: Overnight rate integration and fee calculation

- **Purpose**: Calculate the daily interest fees generated by the interest-bearing reserves
- **Logic**: Daily overnight interest rates are retrieved from external rate feeds and normalized. The interest-bearing supply is multiplied by the daily overnight rate (annual rate divided by 365) to calculate the daily fees generated. The resulting fee values are aggregated and mapped to the respective chains.
- **Key fields**: `interest_bearing_supply`, `rate_percentage`, `fees`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

World Liberty FinancialWLFI

Fees

Fees

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