Key Highlights
- Circle issued over $8 billion in USDC tokens starting in early February as cryptocurrency markets recovered.
- Total USDC circulation climbed above $78 billion even after challenging market conditions during the previous quarter.
- Bitcoin posted a 7.3% weekly gain, reaching $73,238, while Ethereum surged 12.34% over the same period.
- USDC recorded $2.2 trillion in adjusted transaction volume year to date, exceeding USDT’s performance.
- Stablecoin networks handled $33 trillion in transactions throughout 2025, equaling Visa’s yearly payment processing volume.
Bitcoin climbed 7.3% during the week, reaching a price of $73,238, while Ethereum posted a 12.34% gain across seven days. During this same period, Circle issued more than $8 billion worth of USDC beginning in early February. The Fear and Greed Index moved up to 39, showing improved confidence among market participants.
USDC Supply Grows as Market Conditions Improve
Circle expanded USDC circulation beyond $78 billion despite earlier market weakness during the quarter. Arkham highlighted the minting activity on X, raising questions about whether this level of issuance fits typical bear market patterns. Blockchain data reveals that 66% of the USDC supply remains on Ethereum, with 10.7% deployed on Solana, representing approximately $8.4 billion.
Additionally, Ethereum Layer 2 platforms continue to capture increasing portions of USDC supply. Base commands 5.5% of tokens in circulation, while Arbitrum maintains 2.7%. This allocation strategy distributes capital throughout active trading venues and decentralized finance protocols within the blockchain ecosystem.
USDC Leads USDT in Adjusted Transaction Metrics
USDC exceeded Tether’s USDT in adjusted transaction volume for the first time since 2019. Adjusted volume metrics filter out automated transfers and internal movements to focus on genuine economic activity. According to Mizuho’s analysis, USDC generated $2.2 trillion in volume year-to-date, compared to USDT’s $1.3 trillion.
This performance grants USDC a commanding 64% share of adjusted transaction volume. Following this report, Mizuho increased its Circle price target to $120. Bernstein established a $190 valuation target, pointing to USDC’s strong supply performance throughout the market downturn.
Global Stablecoin Adoption Reaches New Milestones
Stablecoins facilitated $33 trillion in transactions throughout 2025, reaching parity with Visa’s annual payment processing capacity. In Nigeria, 59% of cryptocurrency users maintain USDT holdings as a dollar savings vehicle. Similar adoption trends appear in Argentina, Colombia, and the Philippines according to regional market research.
U.S. Treasury Secretary Scott Bessent forecasted the stablecoin market could expand to $3 trillion by 2030. The combined stablecoin market capitalization currently surpasses $300 billion as cryptocurrency valuations recover. The Fear and Greed Index presently registers at 39 following an extended period in Extreme Fear range.
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