ChainCatcher report: In February 2026, monthly stablecoin trading volume reached a record high of $1.8 trillion, with USDC transaction volume surpassing the long-dominant USDT for the first time. Analysts attribute this shift to institutional participants’ clear preference for compliant U.S. dollar infrastructure. Adoption on the enterprise side is accelerating. Circle completed cross-ledger settlements totaling $680 million across eight internal entities in just 30 minutes using USDC—a process that would take 1 to 3 days via traditional bank wire transfers. CEO Jeremy Allaire stated that this single-day process accounted for approximately 90% of the company’s internal transfer settlements. Analysts also remain bullish on Circle’s prospects. Bernstein has issued an “Outperform” rating with a $190 price target, calling Circle a long-term winner in its category. Circle’s revenue reached $2.7 billion in 2025, a 64% year-over-year increase. Competitive pressure is mounting as well, with Tether, PayPal, Stripe, and other institutions rolling out their own stablecoin initiatives.
USDC transaction volume surpasses USDT, stablecoin monthly trading hits $180B record
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Summary
Stablecoin trading volume reached $180 billion in February 2026, with USDC’s transaction volume surpassing USDT for the first time, according to ChainCatcher. Institutional demand for regulated digital assets is viewed as the primary driver. Circle settled $68 million in 30 minutes across eight entities using USDC—a process that would typically take 1–3 days via traditional banking. The CEO stated that the move handled 90% of internal transfers in a single day. Bernstein rates Circle as “Outperform” with a $190 price target, citing its strong market position. Circle’s 2025 revenue reached $2.7 billion, up 64% year-over-year. Tether, PayPal, and Stripe are also intensifying their stablecoin initiatives.
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