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 Trading volume Methodology

## 1. Overview

Trading volume measures the total USD value of foreign-exchange trades executed and settled through Circle's StableFX product on Arc. The utility and liquidity of Circle's fiat-backed assets, such as USD Coin and Euro Coin, are highlighted by this metric within decentralized foreign exchange markets. By tracking settled trades, actual economic activity and the protocol's capacity to facilitate low-slippage cross-border asset swaps are reflected.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts, covering Arc
- **External data**: End-of-day price feeds and asset metadata for the traded assets

## 3. Step-by-step calculation

### Component A: Trade extraction and settlement filtering

- **Purpose**: Identify and isolate successfully settled trades
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls on `FxEscrow` contracts, capturing parameters such as trade ID, taker, maker, base asset, quote asset, base amount, quote amount, and fees. These recorded trades are then matched with `TradeStatusChanged` settlement events. To ensure only completed trades are counted, any trade IDs associated with `TakerRefunded` or `MakerRefunded` events from `FxEscrow` contracts are excluded. Additionally, trades involving system emitter addresses are filtered out.
- **Key fields**: `trade_id`, `base_token_address`, `quote_token_address`, `base_amount`, `quote_amount`, `taker_fee`, `maker_fee`

### Component B: Decimal normalization

- **Purpose**: Normalize raw asset amounts to their standard units
- **Logic**: Raw base and quote asset amounts, as well as taker and maker fees, are divided by their respective asset decimal precisions. Asset decimal values are retrieved from asset metadata.
- **Key fields**: `base_amount`, `quote_amount`, `decimals`

### Component C: USD conversion and one-sided valuation

- **Purpose**: Convert trade values to USD and apply one-sided volume logic
- **Logic**: Normalized base and quote asset amounts are multiplied by their respective end-of-day asset prices to determine the USD value of each leg. To prevent double-counting, the trading volume for each transaction is valued at the lesser of its two currency legs (e.g., the minimum of the USD value of the base asset and the quote asset).
- **Key fields**: `trading_volume`, `price_usd`

### Component D: Aggregation and zero-filling

- **Purpose**: Aggregate trading volume to daily intervals
- **Logic**: One-sided USD trade values are aggregated by day, chain, and product. Missing days within the time series are filled with zeros to ensure continuous daily data.
- **Key fields**: `timestamp`, `trading_volume`

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

Total value of spot trades executed on the exchange.

Circle

Trading volume

Trading volume

Competitive landscape

Chain breakdown