Stablecoin Transaction Volume Tops $10 Trillion as USDC Dominates January

The data shows that USD Coin (USDC) accounted for the overwhelming majority of that activity, processing more than $8.4 trillion in transactions during the month, underscoring its dominant role in global digital dollar settlement.

USDC’s Growing Share of Onchain Dollar Flows

The Artemis data highlights a clear trend: USDC has become the primary settlement layer for onchain dollar transactions. While multiple stablecoins contribute to overall volume, USDC’s share stands out sharply, dwarfing competing tokens across the month.

This dominance reflects USDC’s deep integration across centralized exchanges, decentralized finance protocols, and institutional payment flows. Its consistent usage across multiple blockchains has made it the preferred medium for high-frequency, high-value transfers, particularly as regulatory scrutiny around stablecoins continues to intensify.

Why the $10 Trillion Figure Matters

Crossing $10 trillion in monthly transaction volume places stablecoins in a league comparable to – and in some contexts exceeding – traditional global payment networks. Unlike card or bank rails, these transfers settle near-instantly, around the clock, and across borders, with full onchain transparency.

As noted by Circle CEO Jeremy Allaire, the data underscores how stablecoins are no longer a niche crypto tool, but a core piece of global financial infrastructure, increasingly used for trading, remittances, treasury management, and onchain commerce.

The Bigger Picture

The concentration of activity in USDC suggests the stablecoin market is entering a scale-and-trust phase, where liquidity, compliance, and network effects matter more than sheer token count. If current trends persist, stablecoins – and USDC in particular – may continue absorbing a growing share of global transaction settlement, especially in regions where traditional banking remains slow or fragmented.

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