Circle Mints $8B in USDC as Crypto Prices Rebound

TLDR

• Circle minted more than $8 billion in USDC since early February as crypto prices recovered.
• USDC circulation rose above $78 billion despite weaker market conditions earlier this quarter.
• Bitcoin gained 7.3% this week and traded at $73,238, while Ethereum climbed 12.34% in seven days.
• USDC reached $2.2 trillion in adjusted transaction volume year to date, surpassing USDT.
• Stablecoins processed $33 trillion in transactions in 2025, matching Visa’s annual payment volume.

Bitcoin rose 7.3% this week and traded at $73,238, while Ethereum gained 12.34% over seven days. At the same time, Circle minted more than $8 billion in USDC since early February. The Fear and Greed Index rebounded to 39, signaling improving market sentiment.

Circle Expands USDC Supply as Markets Stabilize

Circle increased USDC circulation above $78 billion even as crypto prices weakened earlier this quarter. Arkham flagged the minting activity on X and questioned whether such issuance aligns with bear market conditions. On-chain data shows 66% of USDC supply sits on Ethereum, while 10.7% rests on Solana, equal to $8.4 billion.

Meanwhile, Ethereum Layer 2 networks hold growing shares of USDC supply. Base accounts for 5.5% of circulating tokens, and Arbitrum holds 2.7%. This distribution places capital across active trading and decentralized finance networks rather than outside the ecosystem.

USDC Overtakes USDT in Adjusted Volume

USDC surpassed Tether’s USDT in adjusted transaction volume for the first time since 2019. Adjusted volume excludes automated transfers and internal movements to measure economic activity. Mizuho reported that USDC reached $2.2 trillion year-to-date, while USDT recorded $1.3 trillion.

That data gives USDC a 64% share of adjusted transaction volume. Mizuho raised its Circle price target to $120 following the report. Bernstein set a $190 target and cited USDC supply resilience during the downturn.

Stablecoin Usage Expands Across Global Markets

Stablecoins processed $33 trillion in transactions during 2025, matching Visa’s annual payment volume. In Nigeria, 59% of crypto users hold USDT as a dollar savings alternative. Argentina, Colombia, and the Philippines show similar usage patterns based on local market data.

U.S. Treasury Secretary Scott Bessent projected that the stablecoin market could reach $3 trillion by 2030. The total stablecoin market capitalization now exceeds $300 billion as crypto prices recover. The Fear and Greed Index currently stands at 39 after weeks in Extreme Fear territory.

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