Circle, a leading global financial technology firm and issuer of the USDC stablecoin, reported that USDC accounted for 79% of all stablecoin transaction volume in the third quarter of 2026. The company noted a significant increase from 66% in the same quarter of 2025, underscoring USDC’s strengthened role in the digital asset ecosystem.
Record USDC volumes and growing adoption
Jeremy Allaire, CEO of Circle, shared that USDC’s on-chain transaction volume reached $13.9 trillion during the third quarter, indicating a 49% increase from the previous year. These figures, released as part of Circle’s Q3 highlights, reflect the rising influence of USDC in payments, trading, and blockchain-powered financial services despite intensifying competition within the stablecoin market.
Circle stated that USDC issuance and redemption volumes set new records, with a combined $208 billion processed in Q3. This equated to an average daily transaction value of $2.3 billion. The company also revealed that the average USDC in circulation during the period was $73.3 billion, representing an 18% year-over-year increase.
Circle reported that USDC’s transaction volume in the third quarter of 2026 reached $13.9 trillion, contributing to 79% of the entire stablecoin transactional activity across blockchains.
| Metric | Q3 2025 | Q3 2026 | Year-on-Year Change |
|---|---|---|---|
| USDC Stablecoin Transaction Share | 66% | 79% | +13 pp* |
| On-chain Transaction Volume | $9.3 trillion | $13.9 trillion | +49% |
| Average USDC in Circulation | $62.1 billion | $73.3 billion | +18% |
*pp: percentage points
Arc Mainnet and institutional expansion
Beyond its flagship stablecoin, Circle highlighted progress in its broader infrastructure offerings. The company announced the official launch of Arc Mainnet in the third quarter. Over 100 institutions and decentralized applications are already building on Arc, and assets tracked on Arc reached $1.5 billion by October 30, 2026.
Mini dictionary: Arc Mainnet is a permissioned blockchain infrastructure developed by Circle, designed to facilitate secure and compliant financial applications for institutional users and decentralized applications (dApps).
Circle also drew attention to the rapid scaling of its Circle Payment Network (CPN). By the close of Q3, CPN achieved an annualized payment volume of $41.3 billion, representing a 15.2-fold increase over the same period in the prior year. Allaire further stated that payment volume through CPN has now surpassed $58 billion, fueled by rising enterprise demand.
Agentic payments and revenue highlights
Circle reported that USDC has become the primary settlement asset for automated and agent-driven internet payments. Allaire indicated that over 99% of agent payments on the x402 infrastructure are now settled in USDC, emphasizing the token’s growing role in next-generation payment systems.
Mini dictionary: x402 refers to an open protocol for agentic payments, designed to enable automated, programmable internet transactions utilizing digital assets as settlement currencies.
Financially, Circle reported total revenue and reserve income of $865 million in the third quarter, marking a 17% increase from the same period in 2025. This figure included $182 million from ARC token sales.
Allaire described the quarterly results as a clear indication that Circle is entering a new phase of stablecoin adoption, adding that the upcoming GENIUS Act—expected to take effect in January—could accelerate the mainstream use of regulated digital dollars.
Circle stated that it has now activated all layers of its platform, positioning the company to support further adoption of digital dollar-based solutions in both retail and institutional markets.
