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 Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is calculated as the average trading volume generated per unique user over a fixed 24-hour window for Circle. This metric is utilized to reflect whether the platform is primarily used by institutional or retail traders. Total daily trading volume is divided by active users (daily) to produce the final value. The underlying volume and user activity are derived from StableFX trades settled on Arc.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: StableFX trade settlement and volume tracking

- **Purpose**: Identify settled foreign-exchange trades and calculate their volume
- **Logic**: Trade details are extracted from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. Trades are classified as settled if a corresponding `TradeStatusChanged` event is emitted and no `TakerRefunded` or `MakerRefunded` events are detected. Trades involving the system emitter address are excluded. The volume for each trade is calculated using the lesser of the two currency legs to ensure one-sided valuation. Amounts are normalized by decimal precision using asset metadata and converted to USD using end-of-day price feeds.
- **Key fields**: `amount`, `token_address`

### Component B: Active user tracking

- **Purpose**: Identify unique active users (daily) interacting with Circle products
- **Logic**: active users (daily) are identified from the counterparties (the taker and the maker) of settled StableFX trades. Taker and maker addresses are extracted from `FxEscrow` contracts, while the transaction sender (the relayer) is excluded. These user addresses are aggregated daily to determine the total number of unique active users (daily) for the StableFX product.
- **Key fields**: `user_address`, `taker_address`, `maker_address`

### Component C: Average volume calculation

- **Purpose**: Calculate the average trading volume generated per unique user
- **Logic**: Total daily trading volume is divided by the total number of unique active users (daily) for each day. If the active user count is zero, the resulting average volume is set to zero.
- **Key fields**: `trading_volume`, `user_dau`

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

Average trading volume (per user)

Trading volume divided by daily active users.

Circle

Average trading volume (per user)

Average trading volume (per user)

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