Summary
- USDC expanded its market influence by accounting for 63%% of total stablecoin on-chain transaction volume in the first quarter.
- USDC circulation rose 28%% from a year earlier to $77 billion, while on-chain transaction volume surged 263%% to $21.5 trillion.
- Circle's tokenized money market fund USYC has emerged as the world's largest tokenized MMF, reinforcing views that the company is expanding into a digital financial infrastructure business.
Forecast Trend Report by Period
Circle's stablecoin USDC accounted for 63% of total stablecoin on-chain transaction volume in the first quarter, highlighting its growing market presence. Circle also said USYC, its tokenized money market fund, has become the world's largest tokenized MMF.
BlockBeats reported on May 11 that USDC circulation totaled $77 billion in Circle's fiscal first quarter of 2026, up 28% from a year earlier.
USDC's on-chain transaction volume reached $21.5 trillion during the period, surging 263% from a year earlier.
Visa Onchain Analytics data showed USDC made up 63% of total stablecoin transaction volume in the first quarter.
Circle said on May 7 that USYC had become the world's largest tokenized money market fund.
Total revenue and reserve income for the first quarter rose 20% from a year earlier to $694 million. Adjusted EBITDA increased 24% to $151 million.
The increase in USDC transaction volume and growth in tokenized financial products have fueled assessments that Circle is expanding beyond stablecoins into digital financial infrastructure.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
