USDC Dominated $10 Trillion Stablecoin Surge in January, Yet Circle’s Stock Keeps Sliding
USDC processed $8.4 trillion of the $10 trillion stablecoin transaction volume in January, yet Circle's stock has dropped 80% from its peak.Summary
In January 2026, total on-chain stablecoin transaction volume exceeded $10 trillion, with USDC accounting for $8.4 trillion of that flow, surpassing the combined monthly volumes of Visa and Mastercard. Despite this massive usage, Circle, the issuer of USDC, is experiencing a significant market disconnect, as its stock has fallen approximately 80% from its peak seven months prior. Analysts suggest this divergence stems from investors treating Circle like a traditional fintech company rather than core financial infrastructure, understating the strategic importance of regulated digital dollars. Circle attributes USDC's dominance to regulatory clarity and institutional adoption, noting that the $10 trillion monthly volume annualizes to $120 trillion, dwarfing the total crypto market cap. Furthermore, total stablecoin supply is near an all-time high of $310 billion, representing over $300 billion in deployable "dry powder" awaiting clearer macro and regulatory signals.
(Source：BeInCrypto)