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.

github

twitter

discord

website

Stablecoin issuers

Circle

# Circle Expenses Methodology

## 1. Overview

Expenses is defined as the total cost incurred by a project to operate its business. For Circle, this metric is recorded as zero. No on-chain token incentives are distributed to supply-side or demand-side users of USD Coin, Euro Coin, or other supported assets. Traditional corporate operating expenses, such as salaries, audits, and off-chain infrastructure costs, are not captured via on-chain transactions and are therefore excluded from the calculation.

## 2. Data sources

- **None**: This metric is set to a constant value of zero and does not consume active blockchain events.

## 3. Step-by-step calculation

### Component A: Token incentive evaluation

- **Purpose**: The value of on-chain token incentives distributed by the protocol is determined.
- **Logic**: A constant value of zero is assigned for token incentives across all tracked products, including Arc. The absence of programmatic, on-chain incentive distribution mechanisms is reflected by this constant.
- **Key fields**: `token_incentives`

### Component B: Expense aggregation

- **Purpose**: All operational and incentive expenses are aggregated into the final metric.
- **Logic**: Token incentives are mapped directly to the expenses metric. Because no other on-chain operating expenses are recorded, the final expenses metric is resolved to zero for all periods.
- **Key fields**: `expenses`

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

Total project operating and incentive expenses.

Circle

Expenses

Expenses

Competitive landscape

Chain breakdown