Cumulative on-chain transaction volume for the USDC stablecoin has exceeded $100 trillion. This figure surpasses the annual GDP of the United States, which was approximately $28 trillion last year.
Growth accelerated significantly throughout 2026. The lifetime volume reached $80 trillion in April and surpassed $90 trillion by early July. In the second quarter of 2026, Circle reported $14.8 trillion in volume, marking a 151% year-over-year increase.
During the first half of 2026, total transfers exceeded $36 trillion. Through August, USDC settled $32 trillion in adjusted volume, accounting for 77% of the total stablecoin market activity, compared to $8 trillion for USDT.
USDC achieved an annualized turnover velocity of 741x, while USDT recorded 74x. Approximately 67% of the 2026 volume occurred on the Base and Ethereum networks, primarily driven by DeFi protocols, flash loans, and liquidity pool rebalancing.
Transaction fees contribute minimally to Circle's revenue. In Q2 2026, roughly 95% of the company's income came from interest on reserves, while transaction-related earnings totaled approximately $5.3 million.
