USDStablecoin Activity Tops $10T in January as USDC Leads Volumes While Exchange Liquidity Contracts
USDC Processes $8.4T as Stablecoin Flows Reverse and Bitcoin Trades Near $78K
TL;DR
- January crypto settlement volumes crossed $10 trillion, driven primarily by USDC activity.
- Exchange-held stablecoin liquidity flipped to net outflows as market cap contracted.
- Bitcoin traded near the high-$70,000 range amid thinner stablecoin availability.
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Stablecoin transaction activity reached a new peak in January 2026, with total on-chain volume exceeding $10 trillion during the month, according to aggregated blockchain data cited in industry reports released on February 3, 2026. USD Coin accounted for more than $8.4 trillion of that figure, making it the dominant settlement asset across centralized exchanges, decentralized finance platforms, and institutional payment rails. The scale of activity placed stablecoin throughput above traditional card networks, whose combined monthly processing volume typically totals around $2 trillion, according to figures referenced alongside the data.
Public commentary around the data focused on the concentration of activity within a single dollar-backed token. Peter Schroeder wrote, “Stablecoin transaction volume in January surpassed $10 trillion. USDC alone processed more than $8.4 trillion.” The data coincided with estimates showing total stablecoin supply approaching $310 billion, described by market participants as idle liquidity positioned across exchanges, custodial platforms, and on-chain protocols, contributing to broader crypto price index tracking and coin market cap calculations.
Equity markets moved in the opposite direction during the same period, with Circle’s publicly traded shares falling roughly 80% from recent highs, despite USDC’s expanding role in digital settlement infrastructure. Dan Tapiero commented on the divergence between usage metrics and investor sentiment, stating that the stablecoin addressable market could ultimately exceed $1,000 trillion over time. Circle did not issue new guidance alongside the stock movement, which occurred as USDC continued to gain share in crypto price-linked transaction flows.
Exchange-level data published on February 2, 2026, showed a contraction in deployable stablecoin liquidity, with net flows reversing after months of accumulation. Stablecoin inflows that reached approximately $9.7 billion in October 2025, largely attributed to Binance, were followed by aggregate outflows totaling about $4 billion by early February. Separate market data placed total stablecoin market capitalization at $162 billion before declining to $155 billion during the same period, reflecting a reduction in exchange-held balances rather than transactional usage.
Bitcoin price action unfolded alongside the liquidity shift, with the asset trading within a range of roughly $77,700 to $78,700 during the period covered by the reports. Commentary cited in market coverage included calls for long-term focus from industry figures, including Ben Hart and Natalie Brunell, as price movements unfolded amid thinner stablecoin availability. Trading data from centralized venues showed reduced immediate buying power, even as overall crypto price and coin market cap metrics continued to factor in record settlement activity across stablecoin rails.
This article has been refined and enhanced by ChatGPT.
