Stablecoin transfer volume surged to a record $1.8 trillion in February, with Circle's USDC surpassing Tether's USDt in monthly transaction volume. USDC accounted for 70% of all stablecoin activity, reaching $1.26 trillion in transfers, more than double Tether's $514 billion.
This shift occurred despite Tether's significantly larger market capitalization. USDC's supply has also grown rapidly, with over $3 billion minted in early March, indicating increasing adoption and utility within the cryptocurrency ecosystem.
The rising stablecoin supply on exchanges, which reached a three-week high of $66.5 billion, suggests returning buying power in the crypto markets. This increased liquidity is seen as a positive indicator for potential market recovery and growth.