USDC Surges Past Tether with $1.8T Transfer Volume Record
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In a remarkable turn of events, Circle’s USDC has outpaced Tether’s USDT, achieving a staggering $1.8 trillion in monthly stablecoin transfers for February. This growth signifies a notable shift in the stablecoin landscape, with USDC making up an impressive 70% of the total transfer volume.
The recent data indicates that USDC’s transaction activity soared to an unprecedented $1.26 trillion, a milestone that underscores the stablecoin’s gaining traction since its inception in September 2018. Meanwhile, Tether’s transfer volume lagged at $514 billion during the same period.
Industry analysts have observed that USDC has now supplanted Tether in transfer volume consistently over recent months. Simon Dedic, a founder at Moonrock Capital, remarked on social media that USDC’s transaction volume has come as a surprise given its market cap, which is less than half that of Tether’s.
With USDC currently holding a market cap of approximately $77.4 billion compared to Tether’s $184 billion, the trend highlights a growing preference for USDC among users. Adding to this trend, reports indicate that the supply of USDC on exchanges is rising, with over $3 billion minted early in March.
Furthermore, USDC’s issuer, Circle Internet Group, has recently reported robust earnings for the fourth quarter of 2025, driven by the rapid expansion of USDC-related operations and payment services.
Amidst this backdrop, analysts are noting a recovery in the Stablecoin Supply Ratio (SSR), a metric that compares Bitcoin’s market cap against the total stablecoin market cap. This ratio suggests that buying power within the market is rebounding after experiencing a significant downturn in February.
As the supply of stablecoins continues to increase on cryptocurrency exchanges, a notable impact on Bitcoin has been observed, with the cryptocurrency making a push towards the $74,000 mark. On March 5 alone, stablecoin transfers to exchanges reached nearly $5.14 billion, significantly up from $1.14 billion at the beginning of the month.
The enhancement of liquidity in the stablecoin sector is poised to bolster the broader cryptocurrency market, providing a substantial influx of purchasing power that could be a precursor to future price rallies.
Overall, the shift seen with USDC overtaking Tether not only indicates a change in user preferences but also forebodes an evolving landscape for stablecoin transactions. This trend may hold implications for the future dynamics of the cryptocurrency market as liquidity grows and new opportunities arise.
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