USDC Supply Increases by $2 Billion in Seven Days, Stablecoin Trading Volume Surpasses USDT for the First Time

Coin Circle (120btc.CoM): An investment bank report from Bernstein indicates that the supply of USDC, a digital dollar stablecoin issued by Circle, has significantly expanded by approximately $2 billion over the past seven days. This data reverses a six-month period of stagnation or even contraction for this asset, signaling a clear recovery of the digital dollar.

The previous contraction in supply mainly reflected the weakening appeal of stablecoins in a high-interest environment, as well as the multiple pressures from the implementation of the European MiCA legislation and competition from tokenized funds. Now, with market risk appetite warming up and policy shifts, funds are once again flowing into stablecoin channels. The report outlines five positive factors driving the next phase of stablecoin growth:

1. Overall recovery in the cryptocurrency market leading to a return of funds;
2. Gradual clarification of the U.S. regulatory environment;
3. Accelerated implementation of tokenized capital markets (RWA);
4. Continued increase in stablecoin payment penetration;
5. Early signs of stablecoin settlement usage emerging from AI agents (AIAgent).

Core Metrics Officially Surpass USDT

In the competition within the stablecoin sector, the absolute scale of market capitalization is no longer the sole measure. Although USDC still ranks behind Tether (USDT) in total market capitalization, the competitive landscape has fundamentally reversed in terms of adjusted trading volume metrics that measure actual circulation efficiency.

Data shows that USDC's market share of adjusted stablecoin trading volume has climbed from about 40% in 2025 to over 60% from 2026 to date, successfully achieving a lead in this critical dimension. This shift in data dimension indicates that the market's consideration of stablecoins is transitioning from merely the locked-up capital amount to their actual payment usage and injection into the real economy. If the new avenue of AI agent payments is taken into account, USDC's commercial momentum could be further amplified.

Quarterly Revenue Exceeds $700 Million

Based on improvements in fundamentals, Bernstein maintains an outperform rating for Circle with a target price of $140. Looking back at its capital market history, Circle went public in June 2025, with an initial price set at $31, raising approximately $1.1 billion. After experiencing a valuation adjustment in November 2025, the latest quarterly report shows revenues reaching $701 million, with net profits recorded at $48 million, both achieving positive growth year-on-year, providing solid data support for Wall Street's pricing models.

It is important to note that Circle's stock price has increased by approximately 40% over the past month, indicating that secondary market funds have already priced in some optimistic expectations. Whether future valuations can break through further will heavily depend on three core variables:

1. Whether its trading volume share can continue to expand its leading advantage;
2. Whether AI agent payments can evolve from early signals into scaled commercial demand;
3. Whether regulatory frameworks during the U.S. election cycle can be smoothly implemented.

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