$USDC circulation just hit $73.3B — up 19% YoY.
But here's the real signal: on-chain transaction volume is up 151% YoY.
Volume growing 8x faster than supply = actual usage, not just sitting in wallets.
Stablecoin velocity is a liquidity proxy. When $USDC moves this much faster than it grows, it means more DeFi loops, more CEX arbs, more real economic activity.
Circle quietly winning the stablecoin war while everyone's distracted by memecoins.
But here's the real signal: on-chain transaction volume is up 151% YoY.
Volume growing 8x faster than supply = actual usage, not just sitting in wallets.
Stablecoin velocity is a liquidity proxy. When $USDC moves this much faster than it grows, it means more DeFi loops, more CEX arbs, more real economic activity.
Circle quietly winning the stablecoin war while everyone's distracted by memecoins.
