Key Highlights
- USDC generated $1.21 trillion in adjusted volume during June 2026, capturing 67–70% of the entire stablecoin market
- Combined stablecoin transaction volume reached an all-time high of $1.79 trillion in June, representing a 63% increase from May
- Circle stock climbed 4% on July 2, then traded at $66 during pre-market hours on July 6, marking a 3.4% gain
- ARK Invest acquired $17.8 million worth of Circle shares on July 2, the identical day Jefferies issued a cautionary note
- Technical analysis shows CRCL must surpass $71 to establish bullish momentum; current RSI reading of 36 indicates bearish sentiment
Circle’s flagship USDC stablecoin generated $1.21 trillion in adjusted transaction volume throughout June 2026, approximately doubling the $573 billion volume achieved by Tether’s USDT during the same period.
According to Visa’s blockchain analytics dashboard, this performance gave USDC approximately 67–70% market share of total stablecoin volume for the first six months of 2026. Meanwhile, USDT maintained roughly 25% of the market.
The aggregate stablecoin ecosystem reached an unprecedented $1.79 trillion in adjusted volume during June. This represents a 63% surge from May’s $1.1 trillion figure and more than doubles the $795 billion recorded in June 2025.
Circle’s stock price reflected these positive developments. Shares appreciated 4% on July 2, closing at $64, before climbing an additional 3.4% to $66 during pre-market trading on July 6.
The first half of 2026 accumulated $8.82 trillion in stablecoin transaction volume — surpassing the complete 2024 annual figure of $5.8 trillion, while remaining approximately $2 trillion below the 2025 record of $10.8 trillion.
The competitive landscape between USDC and USDT has shifted considerably over recent years. In 2020, USDT commanded nearly 90% of adjusted transaction volume while USDC represented less than 10%. By 2022, USDC had expanded its presence to approximately 45%.
Factors Behind Volume Growth
Traditional financial institutions are increasingly contributing to this expansion. Major players like Standard Chartered and BNY have implemented services utilizing USDC infrastructure instead of developing proprietary stablecoin solutions. This trend demonstrates a preference for leveraging existing frameworks over creating new systems.
Grayscale’s research director Zach Pundl characterized June’s figures as the most substantial stablecoin volumes in history.
Although USDC leads in dollar-denominated volume, Tether processed more individual transactions — 145 million compared to USDC’s 57 million in June.
OUSD Pressure Subsides While Technical Signals Remain Mixed
Circle stock declined to $62 on June 30 following its removal from multiple Russell indexes and concerns emerging from the OUSD stablecoin launch regarding potential market share loss. This decline produced the largest bearish candle since March 2026.
On July 2, Jefferies distributed an analyst note advising investors to avoid CRCL stock, citing competitive threats from OUSD. Nevertheless, shares recovered from $63 on July 2 to $66 by July 6.
ARK Invest took a contrasting position to Jefferies, accumulating $17.8 million in Circle shares on July 2 — precisely when the cautionary recommendation was published.
Concerns surrounding OUSD have subsequently diminished. Samsung and Dunamu, which Open Standard had identified as OUSD collaborators, have publicly distanced themselves from the initiative.
USDC’s market capitalization experienced a modest contraction, declining from $73.75 billion on June 30 to $72.87 billion, indicating some capital reallocation following OUSD’s introduction.
From a technical perspective, CRCL must break through the middle Bollinger band at $71 to establish bullish control. The RSI currently registers 36, remaining in bearish territory despite the rebound from $62.
Should buying momentum drive CRCL above $71 while pushing the RSI beyond 50, the upper Bollinger band at $83 represents the subsequent resistance level.
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