USDC captures 70% of record $1.8T stablecoin transfers in February
USDC mints surged in early March. Circle printed over $3B in a week, putting a $12B month in play if pace holds.
Stablecoin transfer volume hit a record $1.8T in February. USDC drove ~70% of flows at ~$1.26T. USDT processed ~$514B, despite a much larger market cap ($184B vs. USDC’s $77.4B). Allium’s data confirms the split. Arkham flagged a single $250M USDC mint on Solana and over $3B minted in March’s first week.
Circle’s Q4 2025 earnings improved on USDC payment growth. New partners like Polymarket added volumes. Tether’s supply stayed flat into March while USDC supply expanded quickly.
More stablecoins hit exchanges. Inflows reached $5.14B on Mar 5, up from $1.14B on Mar 1. Stablecoin balances on exchanges rose to $66.5B, a 3‑week high. Historically, such spikes often precede crypto rallies. Bitcoin tested ~$74,000 this week as the Stablecoin Supply Ratio recovered after a February drop.
What to watch:
- Sustained USDC mints near $12B for March if current pace continues (Arkham)
- Stablecoin monthly transfers at $1.8T record in February (Allium)
- USDC share ~70% vs. USDT ~$514B in February flows (Allium)
- Florida senate passed a state stablecoin bill, awaiting governor’s signature (Allium summary)
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