USDC Dominates Stablecoin Growth with $584M in Weekly Market Cap Increase

Stablecoins continue to absorb demand in the cryptocurrency market, and one issuer stands out as the fastest-growing large stablecoin. Circle's USDC added $584 million to its market cap in a single week, driving most of a combined $1 billion increase across three major stablecoins: USDC, Ethena's USDe, and PayPal's PYUSD.

USDC now accounts for roughly 24% of the total stablecoin supply, with a market cap between $74 billion to $77 billion. This is well behind Tether's USDT, which still commands around 60% market share with a supply of approximately $184 billion.

However, despite trailing USDT in raw supply, USDC has captured between 60% and 70% of adjusted on-chain transaction volume during multiple periods throughout 2026. This means that USDC is punching above its weight when it comes to actual usage rather than just outstanding balances.