Circle’s USDC stablecoin reached a record $1.26 trillion in transfer volume during February. This volume accounted for approximately 70% of the $1.8 trillion total across the stablecoin sector.
USDC exceeded the monthly transfer volume of its primary competitor, Tether (USDT), despite Tether's higher market capitalization. Issuance remained strong into March, with over $3 billion in new USDC minted during the first week of the month.
Rising supply and transfer activity reflect increased adoption of the stablecoin for payments and trading. Analysts view the increased flow of stablecoins onto exchanges as a bullish indicator for the broader cryptocurrency market.