EURI, issued by Banking Circle S.A., is a fiat-backed stablecoin that represents a claim referencing the Euro (EUR), with token issuance and lifecycle management operated on infrastructure supplied by a third-party digital-asset technology provider. [S1]

EURI references the Euro (EUR) and is structured for one-to-one correspondence with its reference currency. Holders receive a token whose supply is created and retired through minting against reserve deposits and burning against redemptions, executed through treasury-integrated workflows on the issuance platform. [S2] The token carries no intrinsic yield from the infrastructure provider, and any return to holders depends on terms set by the issuer rather than the platform. [S2]

EURI is operated using a tokenization platform whose provider contracts through Fireblocks Inc. for U.S. customers, located in New York City, and Fireblocks Ltd., an Israeli limited liability company with its principal place of business in Tel Aviv, Israel, for non-U.S. customers. [S3] The platform provider is not a regulated financial institution for the issuance function and is not a custodian; the issuing organization controls the cryptographic key shares under a Multi-Party Computation model, so the provider cannot move funds or authorize minting. [S4] Eligibility, the legal form of the claim, and redemption terms are set by the issuing organization. [S5]

Token creation and retirement use API-driven workflows to deploy, mint, and burn onchain assets, with minting performed against reserve deposits and burning against redemptions. [S1][S2] The platform supports issuance and transfer across Ethereum, Solana, Tron, Avalanche, Polygon, Arbitrum, Base, Optimism, BNB Chain, Stellar, and additional public networks, with stablecoin settlement over blockchain rails. [S6]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://developers.fireblocks.com/docs/tokenization" },
    { id: "S2", url: "https://www.fireblocks.com/blog/stablecoin-issuance-infrastructure-for-banks" },
    { id: "S3", url: "https://developers.fireblocks.com/api-reference/compliance/register-a-new-legal-entity" },
    { id: "S4", url: "https://www.fireblocks.com/report/what-is-mpc" },
    { id: "S5", url: "https://www.fireblocks.com/blog/stablecoin-licensing-compliance-and-regulation-in-2025" },
    { id: "S6", url: "https://www.fireblocks.com/solutions/stablecoin-infrastructure" },
  ]}
/>


# 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

Banking Circle generates revenue from transaction fees, FX spreads, treasury and interest income on customer deposits, and stablecoin issuance and redemption flows. Its banking licence and direct access to local clearing systems allow institutional clients to settle cross-border payments without traditional correspondent banking intermediaries.

Banking Circle issues and backs the Eurite Euro Token (EURI), a MiCA-compliant Euro stablecoin fully collateralised 1:1 by euro cash held in segregated fiduciary accounts. The bank also operates a global clearing network across major currencies and offers settlement, payments, and FX infrastructure to banks, fintechs, and PSPs.

Banking Circle S.A. is a Luxembourg-licensed credit institution supervised by the CSSF, providing cross-border payments, FX, accounts, and treasury services to regulated financial institutions and global payment businesses.

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Stablecoin issuers

Banking Circle

Banking Circle Eurite Euro Token (EURI) is a euro stablecoin issued by Fireblocks through Banking Circle S.A.

Holders can mint and redeem directly with Fireblocks.

Banking Circle S.A. is incorporated in Luxembourg, is authorised under MiCA, and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).

EURI has been issued on public blockchains since July 2024 and is native to BNB Chain and Ethereum.

Banking Circle Eurite Euro TokenEURI