Billions of dollars in fresh USDC were printed in just the first week of March \u2014 a minting pace that, if sustained, could push Circle\u2019s total for the month past $12 billion.<\/p>\n
That surge is one sign of the momentum behind a broader milestone: total stablecoin transfer volume<\/a> hit $1.8 trillion in February, the highest monthly figure on record.<\/p>\n USDC<\/a>, issued by Circle Internet Group, accounted for roughly 70% of all stablecoin transfers last month \u2014 about $1.26 trillion. Tether\u2019s USDT<\/a> logged $514 billion over the same period.<\/p>\n That gap surprised some analysts, given that Tether holds the larger market cap by a wide margin \u2014 $184 billion compared to USDC\u2019s $77.4 billion.<\/p>\n According to Simon Dedic, founder of Moonrock Capital, USDC has \u201cconsistently flipped\u201d Tether on transfer volume over the past several months.<\/p>\n The disparity means each dollar of USDC is moving far more often than each dollar of USDT.<\/p>\n Data from blockchain analytics firm Allium confirmed the February figures.<\/p>\n Circle\u2019s business has been growing fast. The company posted strong earnings for the fourth quarter of 2025, driven by rapid expansion of USDC\u2019s payment operations.<\/p>\n Partnerships with platforms such as Polymarket<\/a> have added to that momentum. Tether\u2019s supply, by comparison, has held relatively flat through the start of March while USDC continues to be printed at speed.<\/p>\n More stablecoins on exchanges generally means more money ready to buy crypto. On March 5 alone, roughly $5.14 billion in stablecoins<\/a> flowed into exchanges \u2014 up from $1.14 billion just four days earlier on March 1.<\/p>\n The total stablecoin supply sitting on exchanges climbed to a three-week high of $66.5 billion by Friday. Historically, big jumps in exchange stablecoin supply have preceded crypto price rallies, as sidelined capital gets redeployed into the market.<\/p>\n Bitcoin briefly pushed toward $74,000 this week, partly lifted by that stablecoin inflow. The Stablecoin Supply Ratio \u2014 which measures Bitcoin\u2019s market cap against total stablecoin market cap \u2014 has been recovering after a sharp drop in February.<\/p>\n CIRCLE JUST MINTED $250M $USDC<\/a><\/p>\n Circle just minted another $250M USDC on Solana. They\u2019ve minted over $3 BILLION in just this first week of March.<\/p>\n If Circle continue at this pace, they\u2019re on track to mint over $12 Billion USDC by the end of the month. pic.twitter.com\/aoQKi6zbFE<\/a><\/p>\nUSDC Pulls Far Ahead Of Tether<\/h2>\n
What Rising Stablecoin Supply Means For Markets<\/h2>\n