CUR2-2025: exclude non-circulating owner wallets from Solana USDC supply

[alicecha]

Summary

• Adds a parallel owner-keyed non-circulating inventory list (stablecoins_solana_{core,extended}_non_circulating_inventory_owners) alongside the existing token-account-keyed list. Any token account whose owner appears in the list is treated as non-circulating in stablecoins_solana_{core,extended}_balances.
• Seeds the core list with three USDC owner wallets that DefiLlama and usdc.cool treat as non-circulating but Dune currently counts:
  • 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE — Circle treasury
  • 41zCUJsKk6cMB94DDtm99qWmyMZfp4GkAhhuz4xTwePu
  • 42qwJUTbKf3D8ULfWadUSjnHf6pkJ4H1VjCcfSKHvDTN
• Brings Solana USDC circulating supply in line with DefiLlama ($8.17b) and usdc.cool ($7.96b); current Dune value as of 2026-04-15 was $9.26b.

Why a separate owner list (vs. extending the existing token-account list)

The existing _inventory_accounts list keys on SPL token accounts, but the addresses above are owner wallets that hold non-circulating inventory across multiple token accounts (current and future). Resolving them to a fixed set of token accounts would be brittle. The new _inventory_owners list joins on from_owner / to_owner in the balances macro, so it covers all of an owner's token accounts automatically.

Linear: https://linear.app/dune/issue/CUR2-2025/review-and-fix-usdc-supply-on-solana

Test plan

• Slim CI passes (uniqueness, not_null, accepted_values on new owners models)
• After merge: re-run the issue's balance comparison query and confirm Solana USDC circulating supply on 2026-04-15 lands near DefiLlama (~$8.17b)

🤖 Generated with Claude Code

[cursor]

PR Summary

Medium Risk
Changes Solana stablecoin circulating-balance calculations by adding owner-address-based exclusions, which will shift reported supply metrics (notably USDC) and could affect downstream dashboards if the curated owner list is wrong.

Overview
Updates the stablecoins_svm_balances macro to exclude transfers involving non-circulating inventory owners (in addition to the existing token-account exclusion list) by joining on from_owner/to_owner and filtering them out.

Adds two new static helper models, stablecoins_solana_{core,extended}_non_circulating_inventory_owners, with schema/tests; the core model is seeded with three USDC owner wallets (Circle treasury + DefiLlama exclusions), while the extended list is currently empty.

^{Reviewed by Cursor Bugbot for commit 3868f43. Configure here.}

[cursor]

Cursor Bugbot has reviewed your changes and found 1 potential issue.

Bugbot Autofix prepared a fix for the issue found in the latest run.

• ✅ Fixed: Added where excluded silently drops premint account exclusions
  • Removed the where excluded filter from account-level exclusions so all premint token accounts remain excluded regardless of owner-list coverage.

Or push these changes by commenting:

@cursor push 4b6d7373c2

Preview (4b6d7373c2)

diff --git a/dbt_subprojects/solana/macros/stablecoins/stablecoins_svm_balances.sql b/dbt_subprojects/solana/macros/stablecoins/stablecoins_svm_balances.sql
--- a/dbt_subprojects/solana/macros/stablecoins/stablecoins_svm_balances.sql
+++ b/dbt_subprojects/solana/macros/stablecoins/stablecoins_svm_balances.sql
@@ -17,7 +17,6 @@
     token_mint_address,
     token_account
   from {{ non_circulating_inventory_accounts_relation }}
-  where excluded
 ),
 
 non_circulating_inventory_owners as (

_{You can send follow-ups to the cloud agent here.}

Comment @cursor review or bugbot run to trigger another review on this PR

^{Reviewed by Cursor Bugbot for commit 3868f43. Configure here.}

[jeff-dude]

looks like this new addition and left join lookup on balances really expanded incremental run time? unless this was always slow?