USDC hits $100T on-chain volume milestone
USDC (USDC)
Editor:
Eugene Serbin
cryptobriefing.com reports that USDC has surpassed $100 trillion in cumulative on-chain transaction volume. This milestone highlights that Circle’s stablecoin now settles more value than most national economies produce in a decade. The achievement follows rapid growth, with volume rising from $80 trillion in April 2026 to over $90 trillion by early July.
Circle’s Q2 2026 results showed $14.8 trillion in quarterly volume, a 151% year-over-year increase. Through August 2026, USDC accounted for roughly 77% of total stablecoin activity, settling approximately $32 trillion. USDT managed about $8 trillion over the same period.
USDC achieved an annualized turnover of 741x, significantly outpacing USDT’s 74x velocity. About 67% of volume flowed through Base and Ethereum, driven by DeFi protocols and flash loans. Despite record volumes, reserve income from Treasury bills accounted for 95% of Circle’s Q2 2026 revenue.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 15 September 2026. Not the outlet's figures.
USDC trades at $1.00 with a 24-hour buy ratio of 49.5%, indicating near-even market participation. Short-term pressure shows slight weakness, with the 1-hour buy ratio at 45.1% and the 4-hour ratio at 48.8%. Selling pressure is evident in the negative volume deltas, which total -$29,357,938 over 24 hours. The 1-hour delta is -$6,042,433, while the 4-hour delta stands at -$9,720,844. This indicates that sellers are currently outweighing buyers in the immediate and short-term windows. Net buying occurred in only 12 of the last 24 hours, suggesting a lack of sustained aggressive accumulation.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.7%, slightly higher than the current 24-hour reading of 49.5%. Volume for the day was 1.20x the weekly average, indicating heightened activity compared to recent norms. The 8-day volume delta total was -$182,212,821, showing persistent selling pressure over the longer timeframe. Net buying was recorded on only 4 of the past 7 days. This suggests that while trading volume is elevated, the market has not seen a strong trend of net buying recently.