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USDC Sees Significant Growth in Stablecoin Market Cap
Circle's USDC has emerged as a leader in the stablecoin market, adding approximately $584 million to its market cap within a week. This growth contributed to a total increase of $1 billion across several stablecoins, including Ethena's USDe and PayPal's PYUSD, as the overall stablecoin supply approaches between $303 billion and $310 billion.
Currently, USDC represents about 24% of the total stablecoin market, with its market cap estimated between $74 billion and $77 billion. In contrast, Tether's USDT maintains a dominant position with around $184 billion, accounting for approximately 60% of the market share. Despite trailing USDT in total supply, USDC has captured a significant portion of the adjusted on-chain transaction volume, achieving between 60% and 70% in various periods throughout 2026.
The recent growth in USDC's supply aligns with a trend of consistent minting demand. In August 2026, USDC experienced a notable increase of $1.5 billion in a single week, indicating a pattern of sustained interest rather than isolated spikes. The combined weekly increase of $1 billion was driven by USDC, USDe, and PYUSD, each with distinct operational frameworks and risk profiles.
Source: KLEA News