Glasscade
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Glasscade · Methodology

How Glasscade measures stablecoin card activity.

Glasscade identifies, classifies, and normalizes observable activity across card programs, providers, chains, currencies, and networks.

01

Live in Analytics

Onchain Neobanks

Account-like products represented in Analytics through tracked card activity, with broader account coverage planned.

AccountsBalancesTransfersSavingsCards

02

Live

Stablecoin Card Analytics

Providers using stablecoins, with observable funding and settlement kept distinct from private purchase activity.

PaymentsPayoutsCard fundingSettlementMerchants

03

Planned

Onchain FX and Cross-Border

Products, venues, and assets for currency markets and cross-border flows, with clear boundaries around private fiat legs and transaction purpose.

FX pairsLiquidityRoutesSettlementCross-border

Analytics Signals

Relative metrics need guardrails.

Scale, maturity, and observation windows remain visible so a small denominator is not mistaken for market leadership.

01

Indexed volume trajectory

A program qualifies after four positive weekly observations have a median of at least $10,000. Its line is indexed to that four-week median, while current volume and absolute dollar change remain visible beside the multiple.

02

Growth diffusion

The latest three-month average is compared with the preceding three months for programs with six complete months and at least $50,000 in baseline monthly volume. Growth above 5% is expanding, within ±5% is stable, and below -5% is contracting. The 0-100 score gives expanding programs full weight and stable programs half weight. Volume participation is the share of eligible baseline volume represented by expanding programs.

03

Address lifecycle mix

New and previously observed address shares use up to three complete months and are grouped by time since first observation: 0-3, 4-12, and 13+ months. Returning-count trend compares the latest three-month average with the preceding three months. Addresses are not people, and returning share is lifecycle composition rather than customer retention.

Products

One framework, two products.

Both use the same evidence standards.

Research

Onchain Finance Research

Market reports, provider deep dives, market maps, and methodology notes grounded in observable evidence and primary sources.

Read research

Analytics

Stablecoin Card Analytics

Comparable activity by program, infrastructure provider, chain, currency, and card network.

Open analytics

Framework

From transaction to financial meaning.

01

Identify

Connect organizations and products to documented addresses, contracts, assets, partners, and public disclosures.

02

Classify

Determine whether activity represents funding, withdrawal, transfer, exchange, payment, settlement, treasury movement, or another role.

03

Normalize

Apply shared definitions, exclusions, pricing rules, and time periods so unlike activity is not presented as directly comparable.

04

Explain

Publish the evidence, assumptions, limitations, confidence, and financial meaning behind material conclusions.

Evidence Status

Not every number deserves the same certainty.

Observed data, estimates, and company disclosures remain separate.

Measured

Calculated directly from identified public data using a documented method.

Estimated

Inferred from partial coverage, sampling, models, or other explicit assumptions.

Reported

Published or supplied by a company or partner and not independently reconstructed in full.

Unavailable

Not responsibly measurable with the evidence currently available.

Source Hierarchy

Evidence should be traceable.

  • Public blockchain transactions, traces, logs, balances, and decoded contract events.
  • Official deployment records, documentation, repositories, governance material, and audits.
  • Company websites, product terms, disclosures, filings, presentations, and direct submissions.
  • Curated labels and external datasets used as evidence rather than unquestioned truth.
  • Manual research documented so another analyst can understand and test the reasoning.

Data Partner

Paymentscan

We are grateful to the Paymentscan team for supporting Glasscade and helping make this analytics possible. Paymentscan provides the underlying stablecoin payments data; Glasscade independently normalizes and interprets it under this methodology.

Operating Principles

Useful before impressive.

These rules govern publication and revision.

01 · Observation

Separate fact from inference

Central claims should distinguish directly observed activity from interpretation, estimates, and opinion.

02 · Comparability

Do not rank unlike metrics

Numbers with different definitions, coverage, or business meaning should not appear comparable without a clear warning.

03 · Deduplication

Follow the full route

Internal transfers, router hops, bridges, minting, and receipt tokens can inflate activity when treated as independent events.

04 · Accountability

Version, correct, and explain

Material methodology changes and corrections should be dated, visible, and reflected in affected historical analysis.