feat: add SUI USDC stablecoin transfer model

[Evan-Kim2028]

Summary

Enhancement to #9308 that fixes Circle CCTP burn tracking and improves mint completeness using event-based amounts from sui.events.

Keeps #9308's object pipeline for direct sends and ownership transfers. Replaces object-based mint/burn detection with treasury::Mint and treasury::Burn event JSON payloads.

Circle CCTP Event Details

Contract and event types

Event	Package ID	Module	Event Type
Mint	0xecf47609d7da919ea98e7fd04f6e0648a0a79b337aaad373fa37aac8febf19c8	treasury	treasury::Mint<0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC>
Burn	0xecf47609d7da919ea98e7fd04f6e0648a0a79b337aaad373fa37aac8febf19c8	treasury	treasury::Burn<0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC>

USDC coin type: 0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC

Event JSON payloads

Mint — contains amount and recipient:

{"amount": "826829", "mint_cap": "0xee9b9de94793bab42232dbdb82a8e090bb2e1eb192ef498e421b7e9390555918", "recipient": "0x39bb1dfbe50fbafa713369a6203ab56705fcbfc98cc6473f28ac57503479844b"}

Burn — contains amount (coins are destroyed, no recipient):

{"amount": "13846570", "mint_cap": "0xee9b9de94793bab42232dbdb82a8e090bb2e1eb192ef498e421b7e9390555918"}

How to query these events on Dune

-- All Circle USDC mints
SELECT
    transaction_digest,
    date,
    CAST(JSON_EXTRACT_SCALAR(event_json, '$.amount') AS BIGINT) / 1e6 AS usdc_amount,
    JSON_EXTRACT_SCALAR(event_json, '$.recipient') AS recipient
FROM sui.events
WHERE event_type LIKE '%treasury::Mint<0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC>%'
  AND date >= DATE '2024-09-18'

-- All Circle USDC burns
SELECT
    transaction_digest,
    date,
    CAST(JSON_EXTRACT_SCALAR(event_json, '$.amount') AS BIGINT) / 1e6 AS usdc_amount,
    TO_HEX(sender) AS burner
FROM sui.events
WHERE event_type LIKE '%treasury::Burn<0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC>%'
  AND date >= DATE '2024-09-18'

Two fixes

1. Burns: $5.1M/day recovered (was $0)

Deleted objects on Sui lose their coin_type field. #9308 filters sui.objects WHERE coin_type = USDC AND object_status = 'Deleted' — this returns zero rows. Burn amounts only exist in the treasury::Burn event JSON.

2. Mints: 38 additional events/$4.89M per day

The merged #9496 model's supply_signals only flags mints where tx_net_delta > 0, missing mint transactions that also have other balance changes. Event-based approach captures all treasury::Mint events.

Supply reconciliation (full history verification)

Cumulative mints minus burns from events should equal current USDC circulating supply. Tested across the full history from USDC launch (2024-09-18) through Apr 2, 2026:

Metric	Value
Total treasury::Mint events	313,685
Total minted	$8,624,079,621.96
Total treasury::Burn events	365,932
Total burned	$8,244,739,349.24
Net supply (mints - burns)	$379,340,272.72
Allium reported supply (Apr 2)	$376,192,416
Allium reported supply (Apr 1)	$380,601,984
Discrepancy	~$3.1M (0.8%)

The event-based net supply ($379.3M) lands squarely between Allium's Apr 1 and Apr 2 daily snapshots. The small discrepancy is consistent with intraday supply changes — Dune events include full-day activity while Allium snapshots at a fixed time.

Every USDC on Sui was minted via treasury::Mint and burned via treasury::Burn. The cumulative event sum reconciles to the actual circulating supply.

Dune query ID: 6942011 (supply reconciliation)

Transfer parity verification (Apr 1, 2026)

Transfer Type	This PR	Merged #9496	Match?
direct_send	6,472 / $36,373,219.88	6,472 / $36,373,219.88 (as object_created)	Exact
transfer_with_balance_change	18 / $1,456,755.93	18 / $1,456,755.93	Exact
mint	188 / $9,583,732.72	150 / $4,694,457.97 (38 missed)	More complete
burn	293 / $5,105,917.64	0 / $0	Fix

Direct sends and ownership transfers use the same anchor pipeline as #9308 — exact parity. Mint event amounts verified 188:188 exact match against Created object coin_balance (zero discrepancy).

Dune query ID: 6942000 (transfer parity)

Architecture

Object pipeline from #9308 for transfer detection:

day_rows → anchors → unioned → calc (LAG windows) → tx_senders → enriched → filtered

Then 4 output categories (credit-side, 1 row per transfer):

• direct_sends — Created objects where tx_sender != receiver
• ownership_transfers — Mutated objects where prev_owner != receiver and balance_delta > 0
• mints — treasury::Mint event JSON amount + recipient
• burns — treasury::Burn event JSON amount

Scope

• Included: Direct sends, ownership transfers, Circle CCTP mints, Circle CCTP burns
• USDC only: Other stablecoins have different mint/burn event types and package IDs
• Not included: DEX/protocol interactions inside shared objects (same as feat: add first-pass SUI USDC transfer model #9308/CUR2-1808: sui token tranfers #9496)

Test plan

• direct_send parity with merged model (6,472 rows, exact match)
• transfer_with_balance_change parity (18 rows, exact match)
• Burn events capture $5.1M/day that objects miss ($0)
• Mint event amounts = object amounts (188:188, zero discrepancy)
• Full-history supply reconciliation: mints - burns = $379.3M ≈ Allium $376-380M
• dbt compile passes
• unique_combination_of_columns test on (block_date, unique_key)

[tomfutago]

@Evan-Kim2028 thanks for the feedback here, much appreciated! I incorporated it into PR #9517, so I’m closing this one in favor of that updated version.