[REVISION HISTORY]

Circle and USDC market performance

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-03 21:36 UTC → 2026-09-10 08:04 UTC · added ~~removed~~

The supply of the USDC stablecoin experienced a significant increase of $1.7 billion in a single week following six months of stagnation. Analysts from Bernstein projected potential growth for Circle, noting that stablecoin payments and the representation of real-world assets on the blockchain could drive future expansion. Financial data from the second quarter of 2026 reveals that Circle’s revenue is heavily dependent on interest earned from reserves rather than transaction fees. While USDC on-chain transaction volume grew 151% year-on-year to $14.8 trillion, reserve income accounted for 95.2% of the company’s $701.3 million in total revenue. Despite a 19% year-on-year increase in USDC circulation to $73.3 billion, the impact of rising circulation on reserve income was partially offset by declining interest rates. Reports indicate that much of the massive transfer volume is driven by market mechanics such as arbitrage and exchange rebalancing, leaving Circle’s profitability closely tied to Federal Reserve monetary policy. In September 2026, Circle reported significant growth in USDC liquidity on the Solana blockchain, minting $1.25 billion worth of the stablecoin on the network over a three-day period. This surge, which included a recent $250 million mint, signals increased demand for high-throughput chain utility and provides deeper liquidity for Solana-based DeFi protocols and exchanges. A monthly reserve attestation reviewed by Deloitte confirmed that Circle’s USDC reserves stand at $34.5 billion. The report indicates that reserve assets exceed the total circulating supply, with reserves primarily composed of conservative, liquid instruments such as short-term U.S. Treasury bills and overnight repurchase agreements. Expanding its global footprint, Circle Internet Group has entered a definitive agreement to acquire Singapore-based B2B payments firm Tazapay in an all-stock deal valued at approximately $400 million.

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