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

# Circle Tradeable pairs Methodology

## 1. Overview

The cumulative number of unique asset pairs settled on Circle's StableFX product on Arc is measured by the Tradeable pairs metric. The diversity of direct swap routes and foreign exchange corridors available to users is reflected by this metric. By tracking the historical expansion of unique asset pairs settled through the escrow system, the growth of the platform's liquidity network and asset support is evaluated.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade settlement identification

- **Purpose**: The identification of successfully settled trades and the extraction of the involved assets
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. Settlement is confirmed by matching these calls with `TradeStatusChanged` events from `FxEscrow` contracts. Trades are excluded if a corresponding `TakerRefunded` or `MakerRefunded` event is detected, or if either the base or quote asset address matches the system emitter address.
- **Key fields**: `trade_id`, `base_token_address`, `quote_token_address`

### Component B: Unique pair extraction

- **Purpose**: The definition and identification of unique asset pairs from settled trades
- **Logic**: For each settled trade, the base and quote asset addresses are lexicographically ordered to establish a consistent, direction-agnostic pair identifier. The first appearance of each unique asset pair is determined by identifying the minimum daily timestamp at which a trade involving that pair was settled.
- **Key fields**: `token_0_address`, `token_1_address`, `block_timestamp`

### Component C: Cumulative aggregation

- **Purpose**: The calculation of the running total of tradeable pairs over time
- **Logic**: The number of newly appearing unique pairs is aggregated on a daily basis. A cumulative sum of these daily counts is calculated over time to determine the running total of tradeable pairs for each day.
- **Key fields**: `pair_id`, `timestamp`, `tradeable_pairs`

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

Number of unique token pairs available for trading on the exchange.

Circle

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown