eUSD, issued by ARYZE BVI Ltd, is a fiat-backed stablecoin that represents a full-reserve digital cash claim pegged one-to-one to the U.S. dollar (USD) and redeemable for equivalent fiat value [S1][S2][S3].

Each eUSD token tracks the U.S. dollar (USD) at a 1:1 peg and is backed by highly liquid, low-risk assets including cash, U.S. Treasury bills, and European government bonds, with ARYZE stating it overcollateralizes its Digital Cash [S1][S2][S4]. The sourced material describes eUSD as a price-stable, peg-tracking instrument rather than a yield-bearing one; price stability is maintained by market makers arbitraging on exchanges, and no holder-level yield or NAV accrual is disclosed [S2].

eUSD is minted and issued by ARYZE BVI Ltd, a British Virgin Islands company and wholly owned subsidiary of Danish parent ARYZE ApS, which acts as reserve and fund manager under a formal fund-management agreement [S5][S3]. ARYZE states its reserve activities operate under Danish Financial Supervisory Authority (Finanstilsynet) supervision, and cites a legal opinion that the tokens are digital currencies rather than securities under the BVI Securities and Investment Business Act (SIBA) [S3]. Tokens are issued only to regulated entities and market makers through authorized resellers on whitelisted platforms enforcing KYC and AML, and are redeemable at any time, with redeemed tokens removed from circulation [S2][S6].

eUSD is an ERC-20 stablecoin deployed across multiple EVM networks including Ethereum, Polygon, Linea, BNB Chain, Arbitrum, and Base [S4][S7]. Minting runs through the ARYZE Orders API specifying chainId, amount, and wallet, while cross-chain transfers use ARYZE's reForge burn-and-mint engine with Chainlink oracles; Grant Thornton conducts monthly proof-of-reserves audits [S2][S7][S8].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://aryze.io" },
    { id: "S2", url: "https://docs.aryze.io/en/company/backing-and-solvency" },
    { id: "S3", url: "https://docs.aryze.io/en-us/company/entities" },
    { id: "S4", url: "https://docs.aryze.io/en/technical-overview/stablecoin-architecture" },
    { id: "S5", url: "https://docs.aryze.io/en/company/legal-framework" },
    { id: "S6", url: "https://docs.aryze.io/en/our-services/quick-start-guide" },
    { id: "S7", url: "https://docs.aryze.io/en/technical-overview/reforge-fx-engine" },
    { id: "S8", url: "https://docs.aryze.io/en/api/aryze-orders-api/get-started" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

ARYZE operates as a licensed electronic money institution, issuing stablecoins backed 1:1 by fiat currency reserves. Revenue is generated through minting/redemption fees and treasury yield on reserves.

The project issues electronic money tokens including eEUR (EUR-pegged) and eGBP (GBP-pegged) deployed on Ethereum, Polygon, and BSC. ARYZE stablecoins are fully backed by fiat reserves held with regulated financial institutions.

ARYZE is a Danish fintech company that issues fiat-backed stablecoins for major currencies.

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Stablecoin issuers

ARYZE

ARYZE eUSD (eUSD) is a U.S. dollar stablecoin issued by ARYZE through ARYZE (BVI) Ltd.

Reserves are held in accounts segregated from the issuer's own funds, attested monthly by Grant Thornton.

eUSD has been issued on public blockchains since January 2023 and is native to BNB Chain, Ethereum, Polygon, and Linea.

ARYZE eUSDeUSD