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 Transfer volume Methodology

## 1. Overview

Transfer volume is defined as the total value of assets moved across blockchains using Circle's cross-chain transfer protocol, specifically CCTP V1 and CCTP V2. The volume of assets, such as USD Coin, that are burned on a source chain and minted on a destination chain is captured by this metric. Since cross-chain activity is considered a key driver of utility, transfer volume is utilized as a primary indicator of protocol adoption and multi-chain asset liquidity.

## 2. Data sources

- **Blockchain events**: `DepositForBurn` events from `TokenMessenger`, `TokenMessengerV2`, `TokenMessengerMinter`, and `TokenMessengerMinterV2` contracts, as well as `DepositForBurn`, `DepositForBurnWithCaller`, and `DepositForBurnWithHook` from `TokenMessengerMinter` and `TokenMessengerMinterV2` programs, covering Ethereum, Solana, Arbitrum, Base, and 13 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: CCTP V1 and CCTP V2 event extraction on EVM and non-EVM chains

- **Purpose**: Burn events representing cross-chain transfers are extracted from EVM and non-EVM chains (excluding Solana).
- **Logic**: `DepositForBurn` events are parsed from `TokenMessenger`, `TokenMessengerV2`, `TokenMessengerMinter`, and `TokenMessengerMinterV2` contracts. The transaction hash, block timestamp, token address, and burn amount are extracted. Distinct events are selected to prevent double-counting.
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, and `amount`

### Component B: CCTP V1 and CCTP V2 instruction extraction on Solana

- **Purpose**: Burn instructions representing cross-chain transfers on Solana are extracted.
- **Logic**: `DepositForBurn`, `DepositForBurnWithCaller`, and `DepositForBurnWithHook` are parsed from `TokenMessengerMinter` and `TokenMessengerMinterV2` programs. The transaction ID, instruction index, token mint account, and burn amount are extracted. Distinct instructions are selected to prevent double-counting.
- **Key fields**: `block_timestamp`, `transaction_id`, `token_address`, and `amount`

### Component C: Decimal normalization and USD conversion

- **Purpose**: Transfer amounts are normalized by decimal precision and converted to USD.
- **Logic**: Raw transfer amounts are normalized by dividing the raw value by the asset's decimal precision, which is retrieved from asset metadata. The normalized amounts are then multiplied by end-of-day price feeds for the respective assets to determine the USD value of the transfers. For BSC, a dedicated intermediate pipeline is used to convert the volume using specific end-of-day price feeds.
- **Key fields**: `amount` and `price_usd`

### Component D: Daily aggregation and finalization

- **Purpose**: Daily transfer volumes are aggregated and final data quality filters are applied.
- **Logic**: Normalized USD transfer volumes from all chains and products (CCTP V1 and CCTP V2) are aggregated on a daily level using UTC day boundaries. Missing days are filled with zeros to ensure a continuous time series, and chain availability filters are applied to align the data with active chain tracking periods.
- **Key fields**: `timestamp`, `product_id`, `chain_id`, and `transfer_volume`

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

Total value of assets moved across chains through a bridge.

Circle

Transfer volume

Transfer volume

Competitive landscape

Chain breakdown