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 Tradeable assets Methodology

## 1. Overview

Tradeable assets measures the number of unique assets available for trading on Circle's StableFX product. The breadth of the platform's asset coverage and the expansion of its supported trading corridors are reflected by this metric. Only assets from successfully settled trades are counted, ensuring that only active, verified assets are included. This metric is used by institutional investors to evaluate the growth and diversity of the tradeable asset ecosystem over time.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts, covering Arc
- **External data**: Asset metadata for asset identification

## 3. Step-by-step calculation

### Component A: Trade settlement and refund filtering

- **Purpose**: Identify successfully settled trades on StableFX and exclude refunded or incomplete transactions
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. These trades are matched with `TradeStatusChanged` events from `FxEscrow` contracts to confirm settlement. Any trades associated with `TakerRefunded` or `MakerRefunded` events from `FxEscrow` contracts are excluded, as finalized asset transfers are not completed for refunded trades. System emitter addresses are also filtered out to ensure only valid trading assets are retained.
- **Key fields**: `trade_id`, `base_token_address`, `quote_token_address`, `block_timestamp`

### Component B: Unique asset identification

- **Purpose**: Extract and isolate the unique assets involved in settled trades
- **Logic**: For each settled trade, the base asset and quote asset addresses are extracted. The unique addresses of these assets are collected and mapped to their first appearance timestamp on the platform. Each asset is only counted once at the exact time of its first participation in a settled trade.
- **Key fields**: `token_0_address`, `token_1_address`, `block_timestamp`

### Component C: Cumulative aggregation

- **Purpose**: Calculate the running total of unique tradeable assets over time
- **Logic**: The daily count of newly appearing unique assets is aggregated. A cumulative sum of these first appearances is calculated chronologically to determine the running total of tradeable assets.
- **Key fields**: `tradeable_assets`, `timestamp`

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

Number of unique tokens tradeable on the exchange.

Circle

Tradeable assets

Tradeable assets

Competitive landscape

Chain breakdown