USDC Market Capitalization Increases by $584 Million

USDC added approximately $584 million to its market capitalization during a seven-day period. This growth represents the majority of a $1.0 billion combined increase shared by USDC, Ethena’s USDe, and PayPal’s PYUSD.

The total supply of stablecoins has reached between $303 billion and $310 billion. USDC currently accounts for roughly $74 billion to $77 billion of this total, representing approximately 24% of the market. Tether’s USDT remains the largest stablecoin with a market share of about 60%, or approximately $184 billion.

While USDC trails USDT in total supply, it maintains a significant share of adjusted on-chain transaction volume, capturing between 60% and 70% of this metric during multiple periods in 2026. The recent $584 million weekly gain follows a trend of consistent minting demand, following a larger $1.5 billion weekly increase observed in August 2026.

The three tokens contributing to the recent $1.0 billion growth utilize different structures. USDC is backed by cash and short-term Treasuries. USDe, which has a supply between $4 billion and $6 billion, employs a delta-neutral strategy involving spot ETH and short ETH futures. PYUSD, issued by PayPal using infrastructure from Paxos, currently has a supply between $2.7 billion and $3.9 billion, following periods of supply contraction.