Stablecoin trading volume reached a new record when USDC surpassed USDT
Stablecoins hit an all-time high in monthly trading volume as Circle's USDC (USDC) overthrew Tether's USDt (USDT), new data shows.
Main Receptors:
Stablecoin monthly trading volume reached a record $1.8 trillion in February.
USDC contains 70% of all stablecoins.
The addition of a stable coin supply on exchanges puts the crypto markets in a good position to recover.
USDC “consistently” reverses the USDt transfer rate
According to data from Allium, stablecoin turnover reached $1.8 trillion in February, setting a monthly record.
Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to currencies such as the US dollar, and can be hosted on multiple blockchains.
Similarly, the volume of USDC transactions reached $1.26 trillion, marking a new milestone for the approval of the second largest stablecoin by market value since its launch in September 2018.
Related: Florida Senate passes state-level stablecoin bill, awaits DeSantis' signature.
This is more than double USDt's turnover of $514 billion in February.
In fact, USDC has “consistently outpaced Tether” in transaction volume over the past few months, Monrock Capital founder Simon Dedich said in a Friday post on X.
The use of USDC comes as a “surprise” given that its market value is less than half that of USDt, Dedic added. USDC is the second largest stablecoin by market cap at $77.4 billion compared to USDt's $184 billion.
Moreover, USDC supply has grown faster than USDt in recent weeks. More than $3 billion of USD was printed in March as the supply of USDt remained relatively unchanged, according to market intelligence firm Arkham.
Circle price $250 million USD
Club spent another $250 million on Solana. Just in the first week of March, they spent over $3 billion.
If the cycle continues at this pace, they are on track to spend over $12 billion by the end of the month. pic.twitter.com/aoQKi6zbFE
— Arkham (@arkham) March 7, 2026
According to Cointelegraph, USDC issuer Circle Internet Group reported strong Q4/2025 earnings, driven by rapid growth in its USDC business and expanding payments operations.
A more stable coin indicates “purchasing power.”
The Stablecoin Supply Ratio (SSR), or Bitcoin (BTC) market value relative to the stablecoin market value, is “steadily recovering after falling” in February, CryptoQuant analyst Sunny Mama said in a Friday Quicktake post:
This shows that purchasing power is returning to the market.
Meanwhile, Bitcoin's recent push to $74,000 was triggered by the acquisition of stablecoin supply on crypto exchanges, which rose to a three-week high of $66.5 billion on Friday.
The introduction of stablecoin to exchanges has increased SSR with the price of Bitcoin (BTC). As of March 5, the total amount of stablecoins transferred to the currency was nearly $5.14 billion, up from $1.14 billion on March 1.
A more stable coin on exchanges means more purchasing power for cryptocurrencies. In the past, the return of lateral capital to the exchange was the main reason for the start of Bitcoin bull markets.
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