USDC leads stablecoin market cap growth, adding $584M in a week

The stablecoin market keeps growing, and USDC is doing a lot of the heavy lifting. Circle’s flagship token added roughly $584M to its market cap over a single seven-day stretch, driving the bulk of a combined $1.0B increase shared across USDC, Ethena’s USDe, and PayPal’s PYUSD. Where the stablecoin market stands right now Total stablecoin supply has climbed to somewhere between $303B and $310B. USDC accounts for roughly $74B to $77B of that, which works out to about 24% of the total market. Tether’s USDT still holds the commanding position at approximately $184B, or around 60% market share. Where USDC consistently punches above its weight is in adjusted on-chain transaction volume. Despite trailing USDT in total supply, USDC has captured between 60% and 70% of adjusted transaction volume in multiple periods throughout 2026. USDC also demonstrated significant momentum in August 2026, when it added $1.5B to its supply in a single week. The current $584M weekly gain is more modest but fits a pattern of consistent, repeatable minting demand rather than one-off spikes. The three tokens doing the work The $1.0B combined weekly increase came from USDC, USDe, and PYUSD, three tokens with v...