USDC Dominates Stablecoin Transfers Amid Record Minting
- Circle minted over $3 billion in USDC during the first week of March, potentially reaching $12 billion by month-end.
- Total stablecoin transfer volume hit a record $1.8 trillion in February, with USDC accounting for approximately $1.26 trillion or about 70% of these transfers.
- Tether‘s USDT recorded $514 billion in transfers during the same period, despite having a larger market cap than USDC.
- On March 5, around $5.14 billion in stablecoins flowed into exchanges, compared to $1.14 billion on March 1, indicating increased crypto purchasing power.
- The total stablecoin supply on exchanges rose to a three-week high of $66.5 billion by early March.
The surge in stablecoin minting and transfer volumes reflects growing demand and usage within the cryptocurrency market, highlighting USDC’s significant role in this trend.
USDC’s dominance in transfer volume suggests its increasing utility and circulation compared to other stablecoins like Tether’s USDT, which has a larger market cap but lower transaction activity.(Source)
