Billions of dollars in fresh USDC were printed in the first week of March alone – a pace that, if sustained, would push Circle’s total over $12 billion for the month.
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The growth is a sign of momentum behind a broader phase: total stablecoin transactions hit $1.8 trillion in February, the highest monthly figure on record.
USDC is way ahead of Tether
USDC, issued by Circle Internet Group, accounted for about 70% of all stablecoin transactions last month – about $1.26 trillion. Tether’s USDT was $514 billion during the same period.
The difference has surprised some analysts, given that Tether has the larger market cap – $184 billion compared to USDC’s $77.4 billion.
According to Simon Dedich, founder of Moonrock Capital, USDC has “steadily replaced Tether” in transaction volume over the past few months.
Inequality means that each dollar of USDC moves more than each dollar of USDT.
Data from blockchain analytics firm Allium confirmed the February figures.
Circle’s business is growing rapidly. The company posted strong earnings in the fourth quarter of 2025, driven by the rapid expansion of its USDC payment operations.
Partnerships with platforms like Polymarket have added to this momentum. Tether supply, in contrast, was relatively low until the beginning of March, while USDC was printing rapidly.
What the Stablecoin Supply Increase Means for the Markets
More stablecoins on exchanges usually means more money willing to buy crypto. On March 5th alone, approximately $5.14 billion worth of stablecoins entered exchanges, up from $1.14 billion just four days earlier on March 1st.
The total stablecoin supply on exchanges hit a three-week high of $66.5 billion as of Friday. Historically, big jumps in stablecoin exchange security have preceded crypto price rallies, as marginalized capital is redeployed into the market.
Bitcoin briefly pushed above $74,000 this week, rising in part due to steady coin inflows. The Stablecoin supply ratio, which measures Bitcoin’s market value relative to the total stablecoin market size, is recovering after a sharp decline in February.
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
A closer look at the numbers
February’s record was not just about the USDC. Stablecoin adoption in general is on the rise. The Florida State Senate passed a stablecoin bill this week, which is now awaiting the governor’s signature.
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Regulatory movement at the state level, combined with the growing institutional use of dollar-backed tokens for payments and settlements, has kept demand up.
USDC transfers totaled $1.26 trillion in February, marking the highest monthly amount since the stablecoin’s launch in September 2018.
Reports indicate that Circle has already minted more than $3 billion in USDC in the first week of March, and Arkham data shows a single mint of $250 million in Solana.
Featured image from Bitkub Academy, chart from TradingView
