> ## Documentation Index
> Fetch the complete documentation index at: https://artemis.ai/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Stablecoin Metrics Methodology - July 2026

> How Artemis measures stablecoin transfer volume, including a recent change to the calculation.

<Info>
  Artemis has rebuilt the data pipeline behind its stablecoin metrics onto a single,
  standardized data model applied consistently across every chain we cover. **Most
  metrics — including supply, active users, and net flows — are unchanged.** One
  calculation changed: **transfer volume**, described below.
</Info>

## Applies to

* **Artemis Terminal** — the stablecoins dashboard.
* **REST API** — `GET /stablecoins/*` and stablecoin metrics served through `v2/data`.

API field names are unchanged, so the same field can now return a different value.

## Transfer volume now reflects gross transfers

* **Now:** stablecoin transfer volume is **gross** — every transfer, with only **mints
  and burns** excluded.
* **Previously:** it reported an **adjusted** figure — deduplicated (only the largest
  transfer in a transaction counted), with intra-exchange transfers (e.g. an exchange
  moving funds between its own wallets) and MEV removed.

> **Mint** = new units created; **burn** = units destroyed. These are issuance events,
> not economic transfers, so both measures exclude them.

**What you'll see:** headline stablecoin **volume is higher** than before, because gross
volume includes the exchange-internal and duplicate activity that the adjusted figure
removed. This is expected, not a data error.

<Note>
  Artemis may reintroduce an adjusted transfer-volume measure in the future.
</Note>

<Warning>
  The **Snowflake Data Share** (`art_share.*` tables, documented under
  [Snowflake Share → Stablecoins](/snowflake-share/stablecoins)) is a separate delivery
  surface, updated on its own schedule. This change describes the **Terminal and API**.
</Warning>

## Questions

For any questions about stablecoin metrics, contact
[support@artemis.xyz](mailto:support@artemis.xyz).