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      USDC Achieves $100 Trillion in On-Chain Transaction Volume

      Circle's stablecoin, USDC, has surpassed $100 trillion in cumulative on-chain transaction volume, a figure that exceeds the total economic output of many national economies over a decade. This milestone follows a remarkable acceleration in USDC's usage, with the stablecoin reaching $80 trillion in lifetime volume as recently as April 2026 and surpassing $90 trillion by early July.

      In the second quarter of 2026 alone, USDC recorded $14.8 trillion in on-chain volume, marking a 151% increase compared to the same period last year. The first half of 2026 accounted for over $36 trillion in transfers, with USDC settling approximately $32 trillion in adjusted transfer volume through August 2026, representing about 77% of the total stablecoin activity in the market.

      The growth of USDC is largely driven by decentralized finance (DeFi) activities on platforms like Base and Ethereum, where about 67% of its 2026 volume originated. The stablecoin's annualized turnover reached 741 times, significantly higher than that of its competitor, USDT, which had a turnover of 74 times. This high velocity is attributed to the use of flash loans and liquidity pool rebalancing, which generate substantial nominal volume without traditional capital exchanges.

      Despite facilitating record transaction volumes, Circle's revenue model relies heavily on reserve income from US Treasury bills and cash backing USDC, accounting for around 95% of its revenue in Q2 2026. Transaction-related earnings were minimal, highlighting a business structure that is stable yet sensitive to fluctuations in interest rates.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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