CRCLr, issued by Step Labs LLC, is a tokenized equity providing onchain economic exposure to the performance of a single listed U.S. common stock, marketed as backed one-to-one by the underlying share held through a regulated custodian [S1][S2].

CRCLr tracks the live market price of Circle Internet Group, Inc. common stock (CRCL), giving holders onchain economic exposure to that equity's performance rather than the share itself [S3][S1]. The issuer markets each token as backed one-to-one by the underlying stock held through Alpaca Securities LLC [S1][S4]. Holders interact with real-world stock performance directly onchain, and the issuer markets no commissions on trades [S1][S2].

The issuer is Step Labs LLC, a Cook Islands company trading as Remora Markets, with its Terms of Use governed by the laws of the Cook Islands [S2][S5]. Step Labs states it is in the process of seeking regulatory authorization and licensing [S3]. Tokens are not themselves stocks and they do not grant ownership or rights to underlying assets [S3]. The products are not offered or solicited in the USA or any sanctioned or prohibited jurisdiction, with identity verification conducted via iDenfy UAB [S3][S4]. Alpaca Securities LLC acts as paying agent upon a Realization Event [S4].

Tokens are issued as SPL tokens on Solana, fully composable across Solana DeFi [S2]. Step Labs LLC is the tokenizer, operating similarly to stablecoins as a source for minting and burning, with Alpaca Crypto LLC handling USD Coin (USDC) to U.S. dollar conversion [S2][S4]. The issuer notes the onchain price may diverge from the exchange price, with arbitrage realigning prices [S1].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://remoramarkets.xyz/legal-documentation/privacy-policy" },
    { id: "S2", url: "https://remoramarkets.xyz/" },
    { id: "S3", url: "https://remoramarkets.xyz/legal-documentation/disclaimer" },
    { id: "S4", url: "https://remoramarkets.xyz/legal-documentation/service-providers" },
    { id: "S5", url: "https://remoramarkets.xyz/legal-documentation/terms-of-use" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized stocks

Remora Markets operates by tokenizing traditional stocks into blockchain-based assets that can be traded on Solana, providing continuous market access beyond traditional trading hours. The platform leverages smart contracts for instant settlement and integrates with existing DeFi protocols to enable seamless portfolio diversification and global accessibility without geographic restrictions.

The platform enables global investors to trade tokenized versions of major public companies like Tesla, Nvidia, and SPY through blockchain technology. It offers 24/7 trading capabilities, fractional ownership, instant settlement, and commission-free transactions for traditional equities in a decentralized environment integrated with Solana's DeFi ecosystem.

Remora Markets is a decentralized financial platform that provides tokenized stock trading infrastructure on the Solana blockchain.

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Real-world asset (RWA) issuers

Remora Markets

Circle rStock (CRCLr) is a tokenized exposure to CRCL and distributed through Remora Markets with Alpaca Securities LLC as broker.

The underlying security is listed in the financials sector in North America.

CRCLr has been issued on Solana as a SPL Token-2022 token since August 2025.

Circle rStockCRCLr