USDC has exceeded $100 trillion in cumulative on-chain transaction volume, with a market capitalization of about $74.15 billion that ranks it second behind USDT, according to CoinMarketCap. The milestone compares with roughly $28 trillion in U.S. GDP last year. Circle’s flagship stablecoin cleared $80 trillion in April 2026 and $90 trillion by early July. Circle reported $14.8 trillion of USDC on-chain volume in the second quarter, up 151% from a year earlier, after $21.5 trillion in the first quarter. Through August 2026, USDC recorded about $32 trillion in adjusted transfer volume, representing roughly 77% of stablecoin activity, versus about $8 trillion for USDT. Its annualized turnover reached 741x, compared with 74x for USDT, while 67% of 2026 volume moved through Base and Ethereum. Flash loans and automated liquidity-pool rebalancing can inflate nominal activity without representing conventional transfers of capital. Circle generated around 95% of its second-quarter revenue from interest on the Treasury bills and cash backing USDC, while transaction-related earnings were roughly $5.3 million. That model produces relatively predictable income but leaves the company exposed to lower interest rates, which would compress reserve margins even if USDC transaction volumes remain high.