Circle: USDC accounts for 79% of stablecoin transaction volu
Circle disclosed in its November 4 earnings call and Q3 financial report that USDC accounted for 79% of total stablecoin transaction volume in the quarter, up from 66% in the same period last year; onchain transaction volume was $13.9 trillion, up 49% year over year; CPN annualized payment volume has exceeded $58 billion, with 205 financial institutions onboarded.
Event timeline
- [11-04 15:13] Circle: USDC accounts for 79% of stablecoin transaction volume, CPN annualized payment volume has exceeded $58 billion (PANews)
- [11-04 15:15] USDC accounts for 79% of stablecoin transaction volume, Circle CPN annualized payment volume exceeds $58 billion (Odaily 星球日报)
Background and impact
On November 4, Circle disclosed in its earnings call and third-quarter financial report that in Q3 USDC's share of total stablecoin transaction volume was 79%, higher than 66% in the same period last year. In the same period, USDC onchain transaction volume was $13.9 trillion, up 49% year over year; in the quarter, USDC minting and redemption totaled about $208 billion, a record high. The above data were reported by PANews and Odaily 星球日报 successively on the same day, and the two sources were consistent in their statements on transaction volume share, onchain transaction volume, and minting and redemption scale.
On the payments business side, the quarter-end annualized payment volume of Circle's payment network CPN was $41 billion, up about 15x year over year, and the metric has now exceeded $58 billion; 205 financial institutions have already connected to CPN. At the infrastructure level, the Arc mainnet launched on September 16, with 11 founding validators and more than 100 applications. It should be noted that $41 billion and $58 billion correspond to two points in