Circle’s USDC stablecoin recorded a 20-fold increase in monthly transaction volume between July 2024 and January 2026. Monthly transactions climbed from 31 million to 613 million over this 18-month period. On-chain data indicates a shift in utility from speculative trading toward practical applications like payments and transfers.
Layer-2 networks Polygon and Base drove this expansion, accounting for 68% of all USDC transactions in January 2026. Low fees and rapid settlement times on these networks accelerated adoption for everyday financial activities. This trend reinforces the stablecoin's position within a maturing multi-chain digital asset economy.