USDC Is Expanding While Crypto Liquidity Is Cooling $USDC is entering roughly 40 emerging markets across Southeast Asia, Latin America, Africa and the Middle East at a moment when crypto liquidity is showing signs of weakness. The contrast is noticeable. Total stablecoin market cap has struggled to move above $310B, while DeFi TVL has fallen by more than $6B in October after adding about $30B during Q3. Circle, meanwhile, says USDC processed more than $36T in on-chain transaction value and represented around 77% of stablecoin transaction volume in June, up from 60% a year earlier. Circle is also putting substantial resources behind distribution. Of roughly $1.4B allocated in the first half of 2026, $819M went to distribution partners and transaction costs, while $473M went to infrastructure, compliance and product development. USDC’s market cap added about $3B in Q3, while USDT’s slipped roughly 0.5%. The expansion into new markets now gives Circle another way to test whether that growth can continue even as broader crypto liquidity cools. #StableCoin #USDC #Circle