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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Stablecoin issuers

Circle

# Circle Outstanding supply Methodology

## 1. Overview

Outstanding supply is calculated as the circulating supply of stablecoins issued by Circle, specifically USD Coin and Euro Coin, as well as Circle USYC. Stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury, are excluded. This metric is utilized as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## 2. Data sources

- **Blockchain events**: `Mint` and `Burn` events from `USD Coin`, `Euro Coin`, `EUROC`, `FiatTokenV2`, and `treasury` contracts, `Issued`, `Burned`, and `Transferred` events from the `assets` pallet, and token balance changes, covering Ethereum, Solana, Polkadot Asset Hub, Arbitrum, and 15 other chains
- **External data**: End-of-day price feeds and circulating market cap metrics for Circle USYC

## 3. Step-by-step calculation

### Component A: USD Coin and Euro Coin mint and burn tracking (EVM, Aptos, and Starknet)
- **Purpose**: Capture the issuance and redemption of USD Coin and Euro Coin across EVM-compatible chains, Aptos, and Starknet
- **Logic**: `Mint` and `Burn` events are parsed from `USD Coin`, `Euro Coin`, `EUROC`, `FiatTokenV2`, and `treasury` contracts. Mint amounts are treated as positive supply changes, while burn amounts are treated as negative supply changes. Daily net supply changes are aggregated and cumulatively summed over time to determine the outstanding supply for each asset on each chain.
- **Key fields**: `amount`, `token_address`, `block_timestamp`

### Component B: USD Coin tracking on Polkadot Asset Hub

- **Purpose**: Track the outstanding supply of USD Coin on Polkadot Asset Hub
- **Logic**: `Issued`, `Burned`, and `Transferred` events are parsed from the `assets` pallet for the USD Coin asset ID. These events are combined to track net balance changes at the individual account level. Daily net changes per account are aggregated and cumulatively summed to calculate historical account balances, which are then carried forward. The total outstanding supply is calculated by summing all active account balances, excluding a designated treasury account.
- **Key fields**: `amount`, `account_address`, `from_address`, `to_address`, `block_timestamp`

### Component C: USD Coin and Euro Coin balance tracking on Solana

- **Purpose**: Track the outstanding supply of USD Coin and Euro Coin on Solana
- **Logic**: Token balance changes are parsed from Solana token accounts for the USD Coin and Euro Coin mint accounts. Specific Circle-owned accounts are excluded from the dataset to prevent double-counting of unissued or treasury assets. Daily balances for each active account are carried forward to account for days without transactions, and the total outstanding supply is calculated by summing the balances of all non-excluded accounts.
- **Key fields**: `post_balance`, `token_account`, `mint`, `block_date`

### Component D: Circle USYC supply integration

- **Purpose**: Integrate the circulating supply of Circle USYC
- **Logic**: Circulating market cap values for Circle USYC are ingested directly from external asset metrics.
- **Key fields**: `value`, `asset_id`, `timestamp`

### Component E: Normalization and USD conversion

- **Purpose**: Normalize supply values by decimal precision and convert them to USD
- **Logic**: Outstanding supply amounts for USD Coin and Euro Coin are normalized by their respective decimal precisions. Normalized amounts are multiplied by end-of-day asset prices to convert the values to USD. For Solana assets, conversion is performed using daily market data. The final daily outstanding supply values across all products and chains are aggregated and carried forward to ensure continuous daily coverage.
- **Key fields**: `outstanding_supply`, `price_usd`, `timestamp`

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

Circulating supply of stablecoins issued by the project.

Circle

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown