Circle revealed that USDC accounted for 79% of the transaction volume of all stablecoins in the third quarter of 2026.
According to CEO Jeremy Allaire, the CEO of Circle explained that USDC's market share of the transaction volume of all stablecoins increased significantly from 66% in the same period a year ago. The overall USDC on-chain transaction volume was $13.9 trillion, an increase of 49% year-on-year.
This shows the rapid adoption of USDC in payments, trading, and blockchain-based financial applications despite stiff competition in the stablecoin space.
Circle stated that the issuance and redemption volumes of USDC in the third quarter reached a new high. In total, $208 billion of USDC was issued and redeemed in Q3. This translates to an average daily amount of $2.3 billion. For the third quarter, Circle said that the average USDC in circulation was $73.3 billion, which was up 18% year-on-year. This information was part of Circle's Q3 highlights.
Apart from USDC itself, Circle emphasized the growth in other aspects of its infrastructure. Circle indicated that Arc Mainnet went live in the third quarter. Over 100 institutions and applications are already building on Arc. As of Oct. 30, 2026, assets on Arc totaled $1.5 billion, as stated by Circle.
Circle Payment Network, or CPN, was another part of Circle's infrastructure that witnessed rapid growth. The company indicated that CPN ended the third quarter with an annualized payment volume of $41.3 billion. This was 15.2 times higher than in the same period last year, based on activity over the last 30 days. Allaire explained that CPN's payment volume is now more than $58 billion.
Leading settlement asset
Circle also revealed that USDC has now become the leading settlement asset in agentic/automated internet payments. Allaire disclosed that over 99% of agent payments on x402 are settled in USDC.
In the third quarter, Circle's total revenue and reserve income were $865 million, up 17% year-on-year. This figure included $182 million from ARC token sales, according to an image showing Circle's Q3 highlights.
According to Allaire, the impressive performance in the third quarter is a strong signal that Circle is ready for the next phase of stablecoin adoption. He said the GENIUS Act, which is expected to take effect in January, will bring regulated digital dollars into the mainstream. Also, Circle has now activated all the layers of its platform.
The impressive third-quarter data indicates that Circle has not only further solidified USDC's dominance in terms of transaction activity but is also expanding its ecosystem across payments, on-chain finance, and institutional adoption.
