USDC overtakes USDT in transfer volume on stablecoin market
The monthly volume of stablecoin transfers reached a record high of $1.8 trillion in February. The data was reported by analytics platform Allium.
The main driver of growth was the stablecoin USDC, which accounted for about 70% of total transaction volume, Cointelegraph reports.
Stablecoins are used for trading, transfers, and storing value within the crypto ecosystem. Their popularity continues to grow due to price stability and high transaction speed. In recent years, they have become a key source of liquidity for the crypto market. The new record shows that demand for digital dollar-denominated assets continues to increase.
USDC surpasses USDT in transfer volume
USDC transaction volume reached about $1.26 trillion in February, setting a new record since the token was launched in 2018. By comparison, USDT transfer volume totaled around $514 billion during the same period. According to Moonrock Capital founder Simon Dedic, USDC has outpaced Tether in transfer volume for several consecutive months.
This appears unusual because USDC’s market capitalization is almost twice as small. At the time of publication, USDC’s market cap stands at around $77.4 billion, while USDT exceeds $184 billion. Despite this difference, on-chain activity shows stronger user dynamics for USDC.
USDC supply is growing faster
The increase in activity has been accompanied by a rise in token supply. According to analytics platform Arkham, more than $3 billion worth of new USDC has already been issued in March. At the same time, the supply of USDT remains relatively stable.
Circle, the company behind USDC, previously reported strong financial results for the fourth quarter of 2025. The growth was largely driven by expanding payment infrastructure and increased use of the stablecoin. This has strengthened USDC’s role in international transfers and crypto trading. As a result, the token is gradually reinforcing its position within the digital payments ecosystem.
Stablecoin growth boosts the market’s buying power
Rising stablecoin liquidity could signal a potential recovery in the crypto market. Analysts point to a rebound in the Stablecoin Supply Ratio (SSR), which measures the relationship between BTC’s market capitalization and the supply of stablecoins. Another factor has been the increase in stablecoin balances on exchanges.
According to CryptoQuant, stablecoin balances on trading platforms have risen to $66.5 billion, the highest level in three weeks. On March 5, exchanges received about $5.14 billion in stablecoins compared with $1.14 billion four days earlier. Historically, such inflows have often preceded major BTC rallies. More stablecoins on exchanges mean more available capital for purchasing cryptocurrencies.
Recently we wrote that the crypto market has moved into a decline, with total market capitalization falling to around $2.33 trillion, down about 2.9% over the past 24 hours. The Fear & Greed Index remains near 20, staying in the fear zone.
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