Stablecoin Analysis

The single most consequential decision in any stablecoin volume question is raw vs. adjusted volume — get that wrong and every downstream number is off by 5-20x. Read this before writing SQL.

Raw volume overstates organic activity — use adjusted

Per-transfer tables include CEX-internal transfers, DeFi-protocol internal movements, MEV, and wash flows. SUM(usd_amount) on a raw transfers table answers "how much value moved," not "how much real economic activity happened" — and the two can differ by an order of magnitude. For real adoption/usage analysis, use the entity-adjusted volume columns (look for is_adjusted_volume, is_inorganic_sender/is_inorganic_receiver, is_mev_transfer style flags, or a pre-aggregated entity-adjusted metrics table) rather than raw SUM.

If a user shares a chart or number they already trust and your raw-volume query comes back 5-20x higher, that's usually not a bug in your query — it's the raw-vs-adjusted gap. Check for an adjusted-volume source before assuming your SQL is wrong.