USDC surpasses $100T in all-time on-chain transaction volume

USDC has crossed $100 trillion in cumulative on-chain transaction volume. For context, US GDP last year was roughly $28 trillion. The milestone caps a year of extraordinary acceleration for Circle’s flagship stablecoin. As recently as April 2026, USDC had just cleared $80 trillion in lifetime volume. By early July, it had surpassed $90 trillion. The numbers behind the number Circle’s Q2 2026 results paint a vivid picture of what’s fueling this growth. The company reported $14.8 trillion in USDC on-chain volume for the quarter alone, a 151% year-over-year increase. That followed a Q1 figure of $21.5 trillion, meaning the first half of 2026 accounted for over $36 trillion in transfers. Through August 2026, USDC settled approximately $32 trillion in adjusted transfer volume. That represented roughly 77% of total stablecoin activity across the market. USDT managed about $8 trillion over the same period. The gap becomes even more striking when you look at velocity. USDC hit an annualized turnover of 741x, meaning each dollar of USDC supply was effectively used 741 times over the course of a year. USDT’s velocity was a comparatively modest 74x. About 67% of USDC’s 2026 volume flowed thro...