> ## 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 the move to gross transfers and the sunsetting of the Artemis-filtered and P2P metric flavors.

> [!NOTE]
>
> 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.

## 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.

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

## Artemis-filtered and P2P metric flavors are being sunset

Alongside the base metric, Artemis historically published two **filtered flavors** of stablecoin transfer volume and daily transactions:

* **Artemis-filtered** (`ARTEMIS_STABLECOIN_TRANSFER_VOLUME`, `ARTEMIS_STABLECOIN_DAILY_TXNS`) — the *adjusted* view described above: deduplicated, with intra-exchange transfers and MEV removed.
* **P2P** (`P2P_STABLECOIN_TRANSFER_VOLUME`, `P2P_STABLECOIN_DAILY_TXNS`) — wallet-to-wallet (EOA-to-EOA) activity only.

**These filtered flavors are no longer supported and are being sunset.** They are no longer actively maintained, and the fields and their API Reference endpoints are being removed. Migrate to the base **unfiltered** metrics:

* `STABLECOIN_TRANSFER_VOLUME` (now gross — see above)
* `STABLECOIN_DAILY_TXNS`

> [!WARNING]
>
> If your dashboards, queries, or API integrations reference the `ARTEMIS_*` or `P2P_*` stablecoin fields, migrate to the base `STABLECOIN_TRANSFER_VOLUME` / `STABLECOIN_DAILY_TXNS` metrics. Contact [support@artemisanalytics.xyz](mailto:support@artemisanalytics.xyz) with any questions.

## Questions

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


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