In the third quarter of 2026, Circle announced that USDC accounted for 79% of the total stablecoin transaction volume. This marks a significant increase from 66% during the same period last year. On-chain, USDC’s total transaction volume witnessed an annual growth of 49%, reaching $13.9 trillion. These figures underscore USDC’s expanding influence in payment transactions, trading, and blockchain-based financial applications.
USDC’s Growing Market Footprint
According to Jeremy Allaire, CEO of Circle, the rising transaction volume indicates that USDC is gaining traction in various sectors despite fierce competition in the stablecoin market.
Jeremy Allaire highlighted that USDC’s share of stablecoin transaction volume has surged from 66% to 79%, with its on-chain transaction volume reaching $13.9 trillion.
Circle also reported that USDC’s issuance and redemption volumes hit record levels in the third quarter. A total of $208 billion in USDC was issued and redeemed, with a daily average of $2.3 billion. The average circulating amount of USDC increased to $73.3 billion, showing an 18% year-on-year rise.
Infrastructure Advances with Arc and CPN
Beyond USDC’s metrics, Circle experienced considerable growth in its infrastructure. Arc Mainnet was launched during this period, with over 100 institutions and applications developing on the platform. As of October 30, 2026, the total value of assets on Arc reached $1.5 billion. Circle operates as a fintech company that develops digital dollar infrastructure and payment networks.
The Circle Payment Network (CPN) also saw rapid expansion, concluding the third quarter with an annualized payment volume of $41.3 billion. This represents a 15.2x increase compared to the same period last year. Allaire noted that CPN’s payment volume now exceeds $58 billion.
Revenue Growth and USDC’s Role in Automatic Internet Payments
Circle declared USDC as the primary settlement asset in agentic and automatic internet payments. Allaire stated that over 99% of agent payments on the x402 platform were settled in USDC.
Jeremy Allaire mentioned that with the upcoming implementation of the GENIUS Act in January, regulated digital dollars will enter the mainstream and all layers of the Circle platform are now operational.
Circle’s total revenue and reserve income for the third quarter amounted to $865 million, reflecting a 17% increase from the previous year. This total includes $182 million from ARC token sales. According to Circle’s management, the third-quarter performance signals a new phase in stablecoin adoption.
