# StableFX Trading volume Methodology

## 1. Overview

Trading volume is measured as the total value of foreign-exchange trades executed and settled through the StableFX product of Circle. This metric is utilized to assess the transactional activity and liquidity of fiat-backed stable assets within the ecosystem. Because transaction fees are generated from these trades, trading volume serves as a key indicator of the protocol's capacity to generate fees and revenue. To prevent double-counting, trades are valued on a one-sided basis using the lesser value of the two swapped asset legs.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: StableFX trade extraction

- **Purpose**: Extract trade details from function calls
- **Logic**: Trade details are parsed from `recordTrade` and `authorizeTrade` function calls on `FxEscrow` contracts. For each trade, the base asset address, quote asset address, base amount, quote amount, taker address, maker address, and fee details are extracted. Only calls with a valid trade identifier are retained.
- **Key fields**: `trade_id`, `base_token_address`, `quote_token_address`, `base_amount`, `quote_amount`

### Component B: StableFX settlement and refund filtering

- **Purpose**: Ensure only successfully settled and non-refunded trades are included
- **Logic**: Trade settlement status is verified using `TradeStatusChanged` events from `FxEscrow` contracts, filtering for status updates indicating successful settlement. Refunded trades are identified via `TakerRefunded` and `MakerRefunded` events from `FxEscrow` contracts and are excluded from the dataset. Trades involving system emitter addresses are also filtered out.
- **Key fields**: `trade_id`, `newStatus`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize asset amounts and convert trade values to USD
- **Logic**: Asset amounts are normalized by the decimal precision of their respective assets using asset metadata. The normalized amounts are converted to USD using end-of-day price feeds. To prevent double-counting, the final trading volume for each trade is calculated as the lesser USD value of the two swapped asset legs. Daily trading volumes are aggregated by day, trading pair, and direction.
- **Key fields**: `amount_0`, `amount_1`, `trading_volume`

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

Total value of spot trades executed on the exchange.

Trading volume

Exchanges (DEX)

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.

StableFX

Trading volume

Trading volume

Chain breakdown