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 Trade count Methodology

## 1. Overview

Trade count is measured as the number of trades executed on a decentralized exchange. This metric is utilized to show how frequently users are buying or selling assets through the project. For Circle, settled trades executed via the StableFX product on Arc are tracked. Only successfully settled trades that have not been refunded are included in this metric to provide an accurate representation of completed transactional activity.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts, covering Arc

## 3. Step-by-step calculation

### Component A: StableFX trade execution and authorization extraction

- **Purpose**: Extract trade details from execution and authorization function calls
- **Logic**: Trade details are parsed from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. For each call, the trade identifier, taker and maker addresses, base and quote asset addresses, and asset amounts are extracted. Only calls returning a valid trade identifier are retained for further processing.
- **Key fields**: `trade_id`, `taker_address`, `maker_address`, `base_token_address`, `quote_token_address`

### Component B: Settlement and refund filtering

- **Purpose**: Identify successfully settled trades and exclude refunded or incomplete transactions
- **Logic**: Settlement events are captured from `TradeStatusChanged` events emitted by `FxEscrow` contracts. Refunded trades are identified by parsing `TakerRefunded` and `MakerRefunded` events from `FxEscrow` contracts. Trade execution calls are then joined with settlement events on the trade identifier, and any trades associated with a refund event are excluded. System emitter addresses are also filtered out to ensure only valid user trades are processed.
- **Key fields**: `trade_id`, `block_timestamp`

### Component C: Trade count aggregation

- **Purpose**: Aggregate the daily count of unique settled trades
- **Logic**: The distinct count of settled trade identifiers is calculated and grouped by day, chain, and product. Daily boundaries are defined using UTC timestamps.
- **Key fields**: `trade_id`, `block_timestamp`

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

Number of trades executed on a decentralized exchange.

Circle

Trade count

Trade count

Competitive landscape

Chain breakdown