USDC / fiat: weekly brief
Data to …
Default venue set throughout. Every figure names its anchor: volume is verified candle volume (inclusion rule below); cost of size and venue spreads are gross, vs the FX rate, weekday hours; the desk's live KPIs (net, vs median venue mid) are not used here. Click a number to open it on the desk.
Bottom line
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Scorecard growth or decline over the selected period; no objectives yet, so the market is measured against itself
What changed last complete week, changes beyond their sensitivity
Market size and growth verified USDC/EUR on-exchange volume, USDC
Venues and concentration
Not covered
Cost of size gross, vs FX, weekdays, default set
USDC/EUR vs fiat EUR/USD gross, venue-median mid vs FX, FX session minutes, default set
Competing route: EURC EUR → EURC → USDC vs USDC/EUR directly, candles only, gross
Venue prints of EURC/EUR 50 bp or more from par with at least 10k EURC traded: not a depeg (…)
Peg and treasury context USDC/USD venue median vs par, this year
Single-venue prints beyond ±50 bp: not a depeg (…)
USDC treasury issuance context: mints minus redemptions, CCTP cross-chain moves excluded
Weekend share of verified volume on Saturday and Sunday, since January
Weekend price and books FX gap Friday close to Sunday reopen vs the USDC/EUR weekend move; books while FX is closed, since 10 Aug
Economics scenario, not forecast
Revenue scenario
Inputs are kept in the link (URL hash), so a shared link shows the same scenario.