USDC Surges Past Trading Records Amid Shrinking Supply

USDC's share of total cryptocurrency trading volume reached an all-time high of 12.5% in Q2 2026, surpassing its previous record of 11% set in Q4 2023. This milestone came despite the stablecoin's circulating supply shrinking to $73.5 billion, a significant reduction among major stablecoins.

Tether, on the other hand, maintained a circulating supply of approximately $184.4 billion and increased its share of the global stablecoin market to around 60%. While Tether dominates in circulating supply, USDC's record trading share is notable, especially considering its growing presence across centralised exchanges.

The increase in trading activity can be attributed to USDC's expanding adoption among institutional investors, who favour the stablecoin due to its regulatory positioning and reserve transparency. This has led to a larger proportion of high-frequency trading volume flowing through USDC, even when investors ultimately hold other assets between transactions.