Methodology & definitions
How every number on this platform is produced. Issuers often use the same word to mean different things, so each metric here has a written definition, a stated source, and how often it is refreshed. Every figure in the product links back to one of these entries.
Coverage boundary
What we cover, and what we leave out.
- + Tokenized Treasury and money market funds
- + Payment stablecoins and e-money tokens
- + Tokenized bank deposits
- + Security tokens: private credit, bonds, equity
- + Commodity and property-backed tokens
- + Issuers regulated in the US, EU or Singapore
- + Tokenization platforms and transfer agents
- + Custody providers
- + Settlement and interoperability networks
- + Exchanges and alternative trading systems
- + Oracles and attestation networks
- − Wrapped or derivative claims on in-scope products
- − Issuers outside the three covered jurisdictions
- − Algorithmic and uncollateralised stablecoins
- − Central bank digital currencies
- − DeFi TVL, NFT and consumer chain activity
- − General-purpose cloud and node infrastructure
Fund AUM, stablecoin float, deposit-token balances and alternative backing are reported as four separate figures. They measure different quantities and the platform publishes no blended total.
Dataset quality
Published so you can see where the data is thin instead of assuming it is complete.
Four figures, four different quantities
Segments measure different things, so they are never added together. Each one has its own definition, and the figure always says which measure it is using.
| Segment | What is measured | Methodology | Products | Value |
|---|---|---|---|---|
| Funds & securities | Assets under managementClient assets in tokenized funds, credit, bonds and equity. | market_size | 22 | $7.95B |
| Stablecoins | Circulating supplyLiabilities outstanding, not assets under management. Not additive with the segment above. | stablecoin_supply | 4 | $70.27B |
| Deposit tokens | Outstanding balanceBank balance-sheet liabilities held by onboarded clients. | deposit_token_outstanding | 2 | $2.43B |
| Alternatives | Value of backingCommodity and property-backed tokens, valued on spot or appraisal. | market_size | 1 | $1.43B |
Why even one segment is not a clean sum
Some funds we track hold other funds we also track. Adding every figure would count the same money twice, so the overlap is reported separately.
Sum of every fund and security in coverage.
Assets held by one tracked product inside another, counted twice at the gross level.
The figure to use when sizing the market. Both are published; neither is hidden.
Metric methodologies
Every methodology tooltip in the product points to one of these entries.
AUM: on-chain supply × NAV
aum_onchainTotal token supply across all tracked deployments, multiplied by the issuer's most recent published NAV per token, converted to USD at the 16:00 ET WM/Reuters fix.
- + All contracts listed on the product's Infrastructure tab
- + Bridged supply, counted once at origin
- − Unfunded subscriptions
- − Off-chain share classes of the same fund
- − Test-network supply
Recomputed every 4 hours; NAV refreshed on issuer publication.
AUM: issuer-reported
aum_issuerNet assets of the tokenized share class as reported by the issuer, administrator or transfer agent in its most recent disclosure.
- + Tokenized share class only
- − Non-tokenized share classes of the same fund
- − Sponsor seed capital where separately disclosed
Daily where the issuer publishes daily; otherwise on publication.
Yield. 7-day net
yield_net_7dAnnualised 7-day yield net of all fund-level fees and expenses, as published by the fund or computed from NAV accrual where the fund publishes a stable $1.00 NAV.
- + Management fee
- + Administration and custody fees
- + Fee waivers in force
- − Investor-level platform fees
- − Gas or transfer costs
- − Distributor rebates
Daily.
Yield. 30-day net
yield_net_30dAnnualised 30-day yield net of fund-level fees, computed from the change in NAV per token over the trailing 30 calendar days including distributions.
- + Reinvested distributions
- + Accrued but undistributed income
- − Investor-level fees
- − Realised token price deviation on secondary venues
Daily.
Yield: gross yield to maturity
yield_ytmWeighted-average yield to maturity of the underlying portfolio, gross of fees. Shown where a fund does not publish a standardised net yield.
- + All income-generating portfolio positions
- − Fund expenses
- − Cash drag
On portfolio disclosure.
NAV per token
nav_issuerNet asset value per token struck by the fund administrator at the stated valuation point. Stable-NAV funds are marked at their constant $1.00 and accrue yield through supply.
- + Administrator-struck NAV
- − Secondary market price
- − Oracle mid-price
Per the fund's valuation calendar.
Market size: tokenized treasuries & MMFs
market_sizeSum of AUM across every product inside the coverage boundary: tokenized US Treasury funds and money market funds issued from the United States, European Union or Singapore.
- + Tokenized Treasury funds
- + Tokenized money market funds
- + On-chain share classes of registered funds
- − Stablecoins
- − Tokenized bank deposits
- − Private credit, bonds, equities, commodities and real estate
- − Wrapped or derivative claims on the products above
Recomputed with the underlying product AUM.
Net issuance (30D)
issuance_netGross mints less gross redemptions across all tracked contracts over the trailing 30 days, valued at the NAV in force on each transaction date. Not currently published: mints and redemptions are not separable from a contract balance read, so the platform reports net change in value outstanding instead.
- + Primary mints and redemptions
- − Secondary transfers
- − Bridge mints and burns
- − Contract migrations
Every 4 hours.
Institutional assets by chain
chain_assetsAUM of in-coverage products attributed to each network by that network's share of tracked token supply. Deliberately excludes general crypto activity.
- + In-coverage tokenized funds only
- − DeFi TVL
- − Stablecoin float
- − NFT and consumer activity
- − Native token market cap
Every 4 hours.
Investor eligibility classification
eligibility_classificationPlatform classification of who may subscribe, normalised to Retail / Accredited / Professional / Institutional from the offering documents and the issuer's own distribution terms.
- + Primary subscription eligibility as stated in offering documents
- − Secondary market access via third parties
- − Local distributor overlays
- − Any legal conclusion: this is a classification, not advice
On document change; re-verified quarterly.
Legal structure classification
legal_structureThe legal wrapper the product is issued under (fund vehicle, trust, e-money token, bond), taken from the offering documents and normalised to the platform's structure taxonomy.
- + Issuing vehicle and governing regime as stated in offering documents
- − Any legal conclusion: this is a classification, not advice
On document change.
Institutional activity score
activity_score0-100 composite of tracked products, tokenized AUM, distinct chains, distinct counterparties and recency-weighted intelligence events for an institution.
- + Confirmed events only
- − Rumoured or unconfirmed developments
- − Traditional (non-tokenized) business lines
Nightly.
Portfolio holdings
holdings_disclosureUnderlying portfolio composition as disclosed in the fund's most recent holdings report or daily transparency file, normalised to the platform's instrument taxonomy.
- + Disclosed line items and category weights
- − Look-through into underlying government MMFs unless separately disclosed
On disclosure: daily to monthly by fund.
Circulating supply: stablecoins
stablecoin_supplyTotal token supply across all tracked deployments less issuer-held and treasury addresses, valued at the stated peg. Reported as circulating supply, never as AUM: a payment stablecoin's float is a liability outstanding, not assets under management.
- + Publicly held supply across all tracked contracts
- + Bridged supply, counted once at origin
- − Issuer treasury and unissued inventory
- − Wrapped or third-party representations of the token
- − Test-network supply
Every 4 hours.
Reserve composition
reserve_attestationComposition of the reserve portfolio backing a stablecoin, taken from the most recent independent attestation or the issuer's reserve report, normalised to the platform's instrument taxonomy.
- + Reserve assets named in the attestation
- + Bank deposits held against the float
- − Issuer corporate assets outside the reserve
- − Unattested periods: the field ages rather than being extrapolated
On attestation publication: daily to quarterly by issuer.
Outstanding balance: deposit tokens
deposit_token_outstandingTokenized deposit balances outstanding on the issuing bank's platform at the reporting date. A deposit token is a bank liability, so this figure sits on the issuer's balance sheet and is not comparable with fund AUM or stablecoin float.
- + Client deposit balances represented in token form
- − Intraday settlement volume, which is reported separately
- − Non-tokenized deposits at the same bank
- − Central bank reserves
On bank disclosure: typically monthly or quarterly.
Network and integration coverage
service_coverageBlockchain networks and integration surfaces a service product supports in production, as stated in its service documentation and verified against public deployment records where available.
- + Networks supported in general availability
- − Testnet-only support
- − Announced but unreleased roadmap items
- − Private pilots
On documentation change; re-verified quarterly.
Value secured: derived from the graph
value_securedValue of in-coverage products that depend on a service product, summed across the relationship graph. This is what the platform can observe, and it is reported alongside (never merged with) the provider's own disclosed figure.
- + In-coverage products with an active dependency edge to this service
- − Assets outside the coverage boundary
- − Provider-disclosed totals, which are shown separately and labelled self-reported
Recomputed with the underlying product values.
Regulatory licences held
license_registerLicences and registrations held by the operating entity, recorded per jurisdiction from the relevant public register or the regulator's own announcement.
- + Licences held by the named operating entity
- − Licences held by affiliates unless the service is operated under them
- − Applications in progress, which are marked as applied rather than active
- − Any legal conclusion about permitted activity
Quarterly against the public registers.
Relationship graph edges
relationship_derivationEdges are either explicit, separately sourced from a disclosure naming both parties, or derived from a structured field already carrying its own provenance. Every edge records which it is, so a derived edge is never presented as independent confirmation.
- + Disclosed operational and contractual relationships between tracked entities
- − Inferred relationships with no documentary basis
- − Commercial relationships outside the tracked product set
Recomputed on every dataset build.
Liquidity & redemption terms
liquidity_termsRedemption frequency, dealing cut-off and settlement window as stated in the offering documents, expressed in the issuer's home time zone and normalised to a T+n settlement convention.
- + Contractual terms in force
- − Observed settlement performance
- − Discretionary accommodations
- − Secondary market exit
On document change.
Verification statuses
Taken directly from an issuer, administrator or regulatory document.
Derived from contract state and reconciled against the issuer's published NAV.
Confirmed by an analyst against a trusted secondary source where no primary document exists.
Modelled by the platform where disclosure is absent. Always labelled, never silently filled.
Stated by the issuer without independent confirmation. Treat with the least weight.
Source tiers
In priority order. Where two sources disagree on the same field, the higher tier wins.
Issuer websites and fund documents, regulatory filings, audited reports, government announcements, on-chain contract state, official contract addresses.
Market infrastructure providers, financial data vendors and credible financial media.
Industry research, company blogs and specialist publications. Used only where no higher tier exists, and labelled accordingly.
Data quality by product
Field coverage is how many of the tracked fields we have filled in. Verification is how many of the numbers come from the issuer's own documents or from the blockchain.
Parsing templates
Each template reads one kind of document and can only write to the fields it declares. If a document is misidentified, the run fails rather than writing to the wrong field.
Fund prospectus / offering memorandum
fund_prospectustokenized treasurymoney market fundsecurity tokenExtracts subscription terms, dealing mechanics and eligibility language from the primary offering document.
Writes: minInvestmentUsd, investorEligibility, expenseRatioPct, redemptionFrequency, redemptionCutoff, redemptionSettlement, redemptionFeePct, transferRestrictions, legalStructure, domicile, availableIn, prohibitedIn
Portfolio holdings / factsheet
fund_holdings_reporttokenized treasurymoney market fundsecurity tokenReads the periodic holdings table and headline fund statistics, normalising line items to the platform instrument taxonomy.
Writes: holdings, wamDays, aumUsd, nav, yieldPct
Stablecoin reserve attestation
stablecoin_attestationstablecoinParses independent attestation reports: reserve line items and weights, the reporting date, the attesting firm, and the share of reserves sitting in bank deposits rather than government securities.
Writes: stablecoin.reserveComposition, stablecoin.bankDepositSharePct, stablecoin.attestor, stablecoin.lastAttestation, stablecoin.attestationFrequency, wamDays, aumUsd
Custody disclosure / control report
custody_disclosurecustody providerReads custody terms, control-environment reports and licence registers to establish what kind of custody is actually being provided and under whose authorisation.
Writes: custodyType, regulatoryLicenses, certifications, supportedChains, slaUptimePct, disclosedValueSecuredUsd, integrationTypes
Platform / infrastructure service sheet
platform_service_sheettokenization platformsettlement interoperabilityoracleExtracts network coverage, integration surface and commercial model from vendor service documentation. Roadmap and testnet claims are excluded by the template rather than left to the analyst.
Writes: supportedChains, pricingModel, pricingNote, apiCapabilities, integrationTypes, regulatoryLicenses, platformModel, interopModel, oracleModel
Venue rulebook / ATS disclosure
venue_rulebookexchange atsParses venue rulebooks and regulatory venue filings for permitted participants, instrument scope and market model.
Writes: venueType, regulatoryLicenses, supportedChains, pricingModel, integrationTypes
Bond terms and conditions
bond_termssecurity tokenReads final terms for digital bond issuance: coupon, maturity, identifiers, ranking and issue size.
Writes: security.couponPct, security.maturityDate, security.isin, security.seniority, security.issueSizeNative, security.creditRating
How a datapoint gets published
- 1Source selection
An analyst identifies a Tier 1 document (prospectus, filing, holdings report or attestation) and registers it against the target product.
- 2AI extraction
The parser extracts typed fields with a confidence score, the page number and the verbatim quote supporting each value.
- 3Analyst verification
Mandatory. Every field is confirmed, corrected or rejected by a named analyst. Nothing skips this step, regardless of confidence.
- 4Publication
The value goes live with its source URL, tier, verification status, methodology and retrieval date attached. The provenance travels with the number everywhere it appears.