USDC added roughly $584 million to its market capitalization over seven days, accounting for most of a combined $1.0 billion increase across USDC, Ethena’s USDe and PayPal’s PYUSD. Total stablecoin supply now ranges from $303 billion to $310 billion, with USDT holding about $184 billion and a 60% market share, compared with USDC’s roughly $74 billion to $77 billion and 24% share. Stablecoins are crypto tokens designed to maintain a relatively stable value, typically against the U.S. dollar. USDC has nevertheless led adjusted on-chain transaction volume, taking 60% to 70% in multiple periods during 2026. Its latest weekly expansion is smaller than the $1.5 billion supply increase recorded in August 2026, but reflects recurring minting demand. USDe uses a delta-neutral strategy (offsetting market exposure with derivatives), while PYUSD, issued by PayPal on Paxos infrastructure, has previously seen supply contractions of 11% to 35%.