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Stablecoins recorded an all-time high in monthly transaction volume in February, with Circle’s USDC overtaking Tether’s USDt in transfer activity, according to data cited by Allium.
Stablecoin transfer volume reached $1.8 trillion in February, setting a monthly record, according to data from Allium.
Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to fiat currencies such as the US dollar, and they can be issued on multiple blockchains.
USDC has consistently outpaced USDt transfer volume over the last few months, Moonrock Capital founder Simon Dedic said in a Friday post on X.
Dedic noted that USDC’s usage is notable given its market cap is less than half that of USDt. USDC is the second-largest stablecoin by market cap at $77.4 billion, compared with USDt’s $184 billion.
USDC’s supply has also been growing faster than USDt’s in recent weeks. Arkham data cited in the article shows that more than $3 billion in USDC had been printed by March, while USDt’s supply remained relatively unchanged.
CryptoQuant analyst Sunny Mom said the Stablecoin Supply Ratio (SSR)—the ratio of Bitcoin’s market cap to stablecoin market cap—is recovering after falling in February, adding that this indicates buying power returning to the market.
The article also connects Bitcoin’s push toward $74,000 to a recovery in stablecoin supply on exchanges. It cited exchange stablecoin supply rising to a three-week high of $66.5 billion on Friday.
Stablecoin inflows to exchanges have supported the SSR alongside Bitcoin’s price. On March 5, the total amount of stablecoins transferred to exchanges was nearly $5.14 billion, up from $1.14 billion on March 1.
The article argues that more stablecoin liquidity on exchanges can translate into additional buying power for cryptocurrencies. It notes that the return of sidelined capital to exchanges has previously been a catalyst for the start of Bitcoin bull markets.
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