Users deposit funds into Circle account and receive USDC or EUROC at a 1:1 rate.

Circle is a financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US. Circle's investors include Goldman Sachs, Baidu, and IDG Capital etc.

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Circle

# Circle Circulating asset market cap Methodology

## 1. Overview

Circle's asset market cap circulating represents the total USD value of Circle stablecoins (USDC, EUROC, and USYC) in circulation across all supported blockchain networks. This metric calculates the outstanding supply of Circle's stablecoins and converts it to USD to represent the total market capitalization of circulating tokens. The calculation aggregates supply data from multiple blockchain architectures using chain-specific methodologies to track mints, burns, and holder balances.

## 2. Data sources

- **EVM chain events**: Parsed `Mint` and `Burn` events from Circle stablecoin contracts across Ethereum, Avalanche, Arbitrum, Base, Optimism, Polygon, Celo, zkSync Era, Sonic, HyperEVM, Unichain, Worldchain, XDC, Starknet, and Ink networks
- **Solana balance data**: Daily token balance snapshots from Solana's token program tracking USDC and EURC holder positions
- **Polkadot AssetHub events**: Parsed `Issued`, `Burned`, and `Transferred` events for USDC (asset ID 1337) from Polkadot's AssetHub parachain
- **Aptos treasury events**: `Mint` and `Burn` events from Circle's treasury contract on Aptos network
- **External data sources**: End-of-day token price feeds for USD conversion and USYC market cap data from external metrics
- **Token metadata**: Decimal precision information for accurate token amount calculations

## 3. Step-by-step calculation

### Component A: EVM chain supply tracking
- **Purpose**: Calculate outstanding supply of USDC and EUROC on EVM-compatible blockchains
- **Logic**: Extract `Mint` events from Circle stablecoin contracts and treat amounts as positive supply increases. Extract `Burn` events and convert amounts to negative values representing supply decreases. Aggregate all mint and burn amounts daily by chain, token address, and product. Calculate cumulative outstanding supply using a running sum partitioned by chain and token address, ordered by timestamp. Forward-fill missing dates to ensure continuous time series
- **Key fields**: `block_timestamp` for daily aggregation, `amount` from mint/burn events, `token_address` for contract identification, `product_id` to distinguish between usdc and eurc

### Component B: Solana supply calculation
- **Purpose**: Calculate outstanding USDC and EURC supply on Solana using holder balance aggregation
- **Logic**: Take daily snapshots of all token holder balances from Solana's token balance change data. Filter out Circle-owned treasury accounts to exclude non-circulating supply. Aggregate remaining holder balances by token and date to get total circulating supply. Forward-fill missing dates for continuous time series
- **Key fields**: `post_balance` representing end-of-day account balances, `mint` for token identification, `token_account` for holder addresses, exclusion of specific Circle treasury accounts

### Component C: Polkadot assetHub supply tracking
- **Purpose**: Calculate USDC outstanding supply on Polkadot AssetHub through event-based balance tracking
- **Logic**: Process `Issued` events as positive supply changes (mints), `Burned` events as negative supply changes, and `Transferred` events as balance movements between accounts. Track cumulative balances at the account level by processing all events chronologically. Exclude Circle's treasury account from final aggregation. Sum account-level balances to get total circulating supply
- **Key fields**: `event_data` arrays containing amounts and account addresses, asset ID `1337` for USDC identification, `account_address` for balance tracking

### Component D: External USYC data
- **Purpose**: Include USYC token market cap from external data sources
- **Logic**: Import pre-calculated USYC asset market cap circulating values from external metrics data source. These values represent the circulating market cap of Circle's yield-bearing stablecoin
- **Key fields**: `value` representing market cap amount, `asset_id` set to usyc, `metric_id` identifying the market cap metric

### Final aggregation
- **Combining components**: Union all supply data from EVM chains, Solana, Polkadot AssetHub, and external USYC sources into a single dataset
- **Currency conversion**: Apply USD conversion using end-of-day token price feeds through the `convert_to_usd_and_correct_decimals` function. Correct token decimal precision based on token metadata (6 decimals for USDC/EUROC, varies by token)
- **Time aggregation**: Ensure all data is aggregated to daily granularity with consistent timestamp boundaries. Forward-fill any missing dates to maintain continuous time series
- **Final calculation**: Sum the USD-converted outstanding supply values across all chains and tokens. Apply chain availability filtering to exclude data from chains that may not be fully supported. The result represents the total market capitalization of circulating Circle stablecoins across all supported blockchain networks

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

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

Circle

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown