Stablecoins have reached all-time highs in monthly trading volume as USDC (USDC) Circle USDt (USDT) overtakes Tether’s USDt, new data shows.
Key considerations:
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Stablecoin monthly trading volume hit a record $1.8 trillion in February.
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USDC accounted for 70% of all stablecoin volume.
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The increase in stablecoin supply on exchanges puts the crypto markets in a good position to recover.
USDC changes USDt transfer volume “continuously”.
According to Allium, stablecoin transactions reached $1.8 trillion in February, setting a monthly record.
Stablecoins are cryptocurrencies designed to hold a stable value, usually pegged to a fiat currency such as the US dollar, and can be embedded on multiple blockchains.
Similarly, the volume of USDC transactions reached $1.26 trillion, a new milestone in the adoption of the second largest stablecoin by market capitalization since its launch in September 2018.
related to: The Florida Senate is passing a state-level stablecoin bill and is awaiting DeSantis’ signature
This was more than double the amount of the US dollar, which was transferred in February at 514 billion dollars.
In fact, USDC has “consistently outpaced Tether” in terms of transmission over the past few months, Moonrock Capital founder Simon Dedich said in a Friday note on X.
The use of USDC comes as a “surprise” because its market value is less than half of USDt, Dedik added. USDC is the second largest stablecoin by market cap at $77.4 billion compared to USDt’s $184 billion.
Furthermore, the supply of USDC has increased faster than USDt in recent weeks. According to market intelligence firm Arkham, more than $3 billion of USDC were printed in March as the supply of USDt remained relatively flat.
CIRCLE JUST MADE 250 MILLION DOLLARS $USDC
Circle minted another 250 million USDC in Solana alone. They raised over $3 BILLION in this first week of March alone.
If Circle continues at this pace, they are on track to raise over $12 billion by the end of the month. pic.twitter.com/aoQKi6zbFE
— Arkham (@arkham) March 7, 2026
As reported by Cointelegraph, USDC issuer Circle Internet Group reported strong earnings in Q4/2025, attributed to rapid growth of its USDC business and expansion of payments operations.
More stable coin payments offer “purchasing power”.
CryptoQuant analyst Sunny Mom said in a Friday Quicktake post that the Stablecoin Supply Ratio (SSR), or Bitcoin (BTC) market cap ratio, is “steadily recovering” from the February stablecoin market cap.
“It shows that purchasing power is returning to the market.”
Meanwhile, Bitcoin’s recent rally to $74,000 was fueled by a recovery in stablecoin supply on crypto exchanges, which hit a three-week high of $66.5 billion on Friday.
Stablecoin flow to exchanges boosted SSR along with Bitcoin (BTC) price. On March 5th, the total amount of stablecoins transferred to the exchange was about $5.14 billion, up from $1.14 billion on March 1st.
More stablecoins on exchanges means more purchasing power for cryptocurrencies. In the past, the return of marginalized capital to exchanges was a major catalyst for the launch of bitcoin markets.
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