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 Bridged supply Methodology

## 1. Overview

The total value of USD Coin and Arbitrum Bridged USD Coin (Arbitrum) utilized on chains outside of their native issuance environments is measured by bridged supply. This metric is calculated by tracking the outstanding supply of bridged assets held across various non-native networks. By monitoring the net balance of mints and burns on these destination chains, user demand for Circle's assets across the broader multi-chain ecosystem is quantified.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events and Starknet token transfer events from USD Coin and Arbitrum Bridged USD Coin (Arbitrum) contracts, covering BNB Chain, Arbitrum, Optimism, Starknet, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: USD Coin and Arbitrum Bridged USD Coin (Arbitrum) mint tracking

- **Purpose**: Capture the creation of bridged assets on non-native chains
- **Logic**: ERC-20 `Transfer` events and Starknet token transfer events are parsed for specified USD Coin and Arbitrum Bridged USD Coin (Arbitrum) contract addresses. Transfers originating from the null address (`0x0000000000000000000000000000000000000000` on EVM chains or `0x0` on Starknet) are identified as mints. These transfer amounts are extracted and classified as positive supply additions.
- **Key fields**: `block_timestamp`, `from_address`, `to_address`, `amount`

### Component B: USD Coin and Arbitrum Bridged USD Coin (Arbitrum) burn tracking

- **Purpose**: Capture the destruction or redemption of bridged assets on non-native chains
- **Logic**: ERC-20 `Transfer` events and Starknet token transfer events are parsed for the same USD Coin and Arbitrum Bridged USD Coin (Arbitrum) contract addresses. Transfers sent to the null address or the dead address (`0x000000000000000000000000000000000000dEaD` on EVM chains, or `0x0` on Starknet) are identified as burns. These transfer amounts are extracted and classified as negative supply adjustments.
- **Key fields**: `block_timestamp`, `from_address`, `to_address`, `amount`

### Component C: Daily net supply aggregation and forward-filling

- **Purpose**: Calculate the cumulative outstanding bridged supply over time
- **Logic**: Daily net changes are calculated by subtracting burn amounts from mint amounts for each chain and asset. A cumulative sum of these daily net changes is computed chronologically to determine the total outstanding bridged supply. For days without transfer activity, the last known supply value is carried forward to ensure a continuous daily time series. Any negative supply values are adjusted to zero.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `token_address`, `bridged_supply`

### Component D: Decimal normalization and USD conversion

- **Purpose**: Normalize asset amounts and convert them to USD values
- **Logic**: Raw bridged supply amounts are normalized by dividing by the asset's decimal precision using asset metadata. The normalized supply values are then multiplied by the corresponding end-of-day asset prices to calculate the final bridged supply in USD.
- **Key fields**: `timestamp`, `bridged_supply`, `price_usd`

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

Value of issued stablecoins used outside their native issuance chain.

Circle

Bridged supply

Bridged supply

Competitive landscape

Chain breakdown