The stablecoin market keeps growing, and USDC is doing a lot of the heavy lifting. Circle’s flagship token added roughly $584M to its market cap over a single seven-day stretch, driving the bulk of a combined $1.0B increase shared across USDC, Ethena’s USDe, and PayPal’s PYUSD.
Where the stablecoin market stands right now
Total stablecoin supply has climbed to somewhere between $303B and $310B. USDC accounts for roughly $74B to $77B of that, which works out to about 24% of the total market.
Tether’s USDT still holds the commanding position at approximately $184B, or around 60% market share.
Where USDC consistently punches above its weight is in adjusted on-chain transaction volume. Despite trailing USDT in total supply, USDC has captured between 60% and 70% of adjusted transaction volume in multiple periods throughout 2026.
