USDT Hits Transaction Records While USDC Dominates On-Chain Value And Card Settlements
In Brief
Stablecoin supply flat near $308B but usage surges: USDT sets transaction records, USDC leads on-chain value and crypto card settlements.
The stablecoin market has entered a phase of maturation characterized by flat supply and surging utility. According to a new report from CryptoRank, total stablecoin market capitalization ended July at approximately $308.3 billion, marking the tenth consecutive month within the $300–320 billion range and the third straight month of net outflows. Approximately $13.3 billion left the market between May and July—the longest sustained withdrawal period since the post-Terra drawdown of 2022–2023.
Yet headline stagnation masks a fundamental shift in how stablecoins are being deployed. On-chain activity and real-world payment volumes are climbing even as issuance remains range-bound, suggesting the sector is transitioning from speculative holding to functional money infrastructure.
The divergence between the two dominant issuers has become pronounced. Tether’s USDT set an all-time high of 861.4 million on-chain transfers in July, up 11.4 percent month-over-month, cementing its role in high-frequency transactions. Circle’s USDC, meanwhile, moved roughly $3.6 trillion in on-chain value in July compared with USDT’s $1.4 trillion, often by a factor of two to three. USDC also dominated crypto payment card top-ups, which crossed $1 billion for the first time—reaching approximately $1.084 billion, up 15.9 percent from June. USDC accounted for the majority of that volume, reflecting its deeper integration into Visa and Mastercard settlement programs and its regulatory standing in Europe under MiCA.
Institutional Infrastructure and Chain Realignment
While Ethereum and Tron continue to carry roughly 80 percent of total stablecoin supply, the distribution beneath them is shifting. Solana’s stablecoin supply grew approximately 39 percent to $15.7 billion, but its composition changed dramatically: USDC’s share fell from 70 percent to 43 percent as newer institutional tokens—including BlackRock’s BUIDL, USDG, and PYUSD—gained traction, making Solana the preferred launchpad for new issuers. Hyperliquid Layer 1 also expanded, with USDC supply rising from $4.9 billion to $6.2 billion, driven largely by perpetual trading collateral demand.
Institutional and real-world asset-backed stablecoins recorded the largest supply gains in July. Global Dollar (USDG) added approximately $485 million following the Robinhood Chain launch, while BlackRock’s tokenized treasury product BUIDL grew by about $444 million on Avalanche inflows. Agora’s AUSD rose 38 percent as it expanded to Monad.
The month also brought significant regulatory and corporate developments. On July 10, Circle received final OCC approval to establish Circle National Trust, a federally regulated digital asset custody bank. Visa unveiled its Stablecoin Platform for institutional minting and redemption, and Ripple launched Ripple Mint for RLUSD management across multiple chains. Shortly after month-end, Mastercard completed its up-to-$1.8 billion acquisition of BVNK to bridge fiat and stablecoin payments across more than 130 countries.
Venture capital followed the trend. Crypto payments ranked second by funding in July, raising approximately $244 million across four rounds, led by Augustus Investors’ $180 million Series B. The data suggests that stablecoin growth is increasingly measured not by market capitalization, but by turnover through cards, settlement rails, and enterprise payment infrastructure.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
