USDC Market Cap Grows by $584 Million as On-Chain Transaction Activity Surpasses USDT

USDC market cap increased by approximately $584 million over the past week, reaching between $74 billion and $77 billion, which accounts for roughly 24% of the total stablecoin supply. While USDT remains the market leader with a $184 billion market cap and a 60% share, USDC has captured 60% to 70% of adjusted on-chain transaction volume in 2026, indicating higher efficiency in payment and settlement use cases. Combined, USDC, Ethena's USDe, and PayPal's PYUSD added approximately $1 billion in market cap this week.