TLDR
- USDC hit a record $1.21 trillion in adjusted transaction volume in June 2026, accounting for 67–70% of all stablecoin volume
- Total stablecoin activity reached a record $1.79 trillion in June, up 63% from May
- CRCL stock rose 4% on July 2 and was trading at $66 in pre-market on July 6, up 3.4%
- ARK Invest bought $17.8 million in Circle stock on the same day Jefferies warned against buying it
- CRCL needs to break above $71 to confirm a bullish trend; RSI at 36 still leans bearish
Circle’s USDC stablecoin recorded $1.21 trillion in adjusted transaction volume in June 2026, roughly double the $573 billion posted by Tether’s USDT.
$CRCL — The latest on-chain data shows USDC trading volume climbed to an all-time high of $1.21 trillion in June 2026, officially surpassing its long-time rival Tether (USDT at $573 billion). The print has completely reinvigorated market confidence in USDC’s real network… pic.twitter.com/cWIigRkTFm
— Rich Peter (@peterli34923561) July 7, 2026
That put USDC’s share of total stablecoin volume at around 67–70% for the first half of 2026, according to data from Visa’s onchain dashboard. USDT held roughly 25%.
The overall stablecoin market hit a record $1.79 trillion in adjusted volume in June alone. That’s a 63% jump from May’s $1.1 trillion and more than double the $795 billion seen in June 2025.
CRCL stock responded. The stock gained 4% on July 2 to close at $64, then added another 3.4% in pre-market trading on July 6 to reach $66.
The first half of 2026 totalled $8.82 trillion in stablecoin volume — already more than the full-year 2024 figure of $5.8 trillion, and about $2 trillion short of the 2025 record of $10.8 trillion.
The dominance gap between USDC and USDT has widened dramatically over the years. In 2020, USDT held nearly 90% of adjusted transaction volume while USDC accounted for less than 10%. By 2022, USDC had climbed to around 45%.
What’s Driving the Volume
Banks and financial institutions are a growing part of the picture. Standard Chartered and BNY have both added services built around USDC rather than building their own stablecoin infrastructure. That reflects a broader push to use established networks rather than start from scratch.
Grayscale’s head of research Zach Pundl described June’s numbers as the highest stablecoin volumes ever recorded.
Despite USDC’s lead in dollar volume, Tether still logged more transactions — 145 million vs. USDC’s 57 million in June.
OUSD Concerns Cool, But Technicals Stay Cautious
CRCL stock dropped to $62 on June 30 after being removed from several Russell indexes and after the launch of the OUSD stablecoin raised concerns about market share erosion. That drop created its largest red candle since March 2026.
Jefferies sent a note on July 2 warning investors against buying CRCL due to the OUSD threat. Despite that, the stock climbed from $63 on July 2 to $66 by July 6.
ARK Invest moved in the opposite direction from Jefferies, purchasing $17.8 million in Circle stock on July 2 — the same day the warning was issued.
OUSD concerns have since eased somewhat. Samsung and Dunamu, previously named as partners of the OUSD project by Open Standard, have distanced themselves from it.
USDC’s market cap did slip slightly, from $73.75 billion on June 30 to $72.87 billion, suggesting some rotation after OUSD’s launch.
On the technical side, CRCL needs to clear the middle Bollinger band at $71 to confirm bullish control. The RSI sits at 36, still in bearish territory despite the recent bounce from $62.
If buying pressure pushes CRCL past $71 and the RSI above 50, the upper Bollinger band at $83 becomes the next target.
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