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#USDT expands as USDC slows
Coin Metrics broke down the growth curves of stablecoins.
The conclusion is somewhat counterintuitive.
A week after the market rally, USDT supply accelerated.
USDC expansion, by contrast, slowed.
The reason comes down to how they’re used.
USDT is used more often as margin for derivatives.
When the market heats up, demand for leverage rises immediately.
USDC is more often kept on-chain for yield and settlements.
When the excitement fades, issuance slows.
Overall growth in 2026 is slower than in 2025.
With a larger base, the increase is naturally diluted.
This kind of cycle also widens the market-share gap between the two giants.
Demand for leverage determines the pace of issuance.
Settlement demand is steadier and less elastic.
The two also have different reserve structures.
USDT leans toward U.S. Treasuries, while USDC leans toward cash.
Some of the newly issued funds have gone into on-chain yield products.
When yields fall, the funds flow back.
The two issuers report their figures differently.
The data is updated once a week.
For crypto, stablecoin supply is a barometer of leverage.
Do you think stablecoin issuance can signal market moves in advance? Share your thoughts in the comments.
#USDT expands as USDC slows
Coin Metrics broke down the growth curves of stablecoins.
The conclusion is somewhat counterintuitive.
A week after the market rally, USDT supply accelerated.
USDC expansion, by contrast, slowed.
The reason comes down to how they’re used.
USDT is used more often as margin for derivatives.
When the market heats up, demand for leverage rises immediately.
USDC is more often kept on-chain for yield and settlements.
When the excitement fades, issuance slows.
Overall growth in 2026 is slower than in 2025.
With a larger base, the increase is naturally diluted.
This kind of cycle also widens the market-share gap between the two giants.
Demand for leverage determines the pace of issuance.
Settlement demand is steadier and less elastic.
The two also have different reserve structures.
USDT leans toward U.S. Treasuries, while USDC leans toward cash.
Some of the newly issued funds have gone into on-chain yield products.
When yields fall, the funds flow back.
The two issuers report their figures differently.
The data is updated once a week.
For crypto, stablecoin supply is a barometer of leverage.
Do you think stablecoin issuance can signal market moves in advance? Share your thoughts in the comments.