USDC transfers doubled USDT transfers in February as companies began using the former for treasury transfers.
- The volume of stablecoin transfers reached a new high of $1.8 trillion in February.
- USDC accounted for around 70% of overall stablecoin transfer activity.
- Circle’s Chief Executive Officer, Jeremy Allaire, stated that the company was using USDC for internal treasury payments.
Stablecoin transaction activity reached a record $1.8 trillion in February, with Circle’s USDC surpassing Tether’s USDT in transfer volume.
According to blockchain data from analytics firm Allium, USDC accounted for about 70% of total stablecoin transfer activity during February, marking a shift in transaction flows between the two largest dollar-pegged cryptocurrencies.
USDC transfers totaled roughly $1.26 trillion during the last month, more than double the $514 billion recorded by USDT during the same period. The figures represented the highest monthly transaction volume recorded across stablecoins.
Simon Dedic, founder of Moonrock Capital, said that USDC had “consistently flipped” Tether in transfer volume in recent months despite having a smaller market capitalization. USDC is currently the second-largest stablecoin by market value at about $77.4 billion, compared with roughly $184 billion for USDT.
Blockchain intelligence platform Arkham also reported that Circle minted more than $3 billion worth of USDC during the first week of March, including a $250 million issuance on the Solana blockchain.
Circle Uses USDC For Internal Treasury Transfers
Circle CEO Jeremy Allaire said the company began using USDC to process internal treasury transfers across its own entities.
On X, Allaire said Circle settled $68 million in intercompany transactions across eight entities using USDC and the firm’s Circle Mint platform. The transfers were completed in under 30 minutes.
According to Allaire, the system operated continuously and replaced traditional fiat wire transfers that typically took one to three days to settle. The company said the setup allowed treasury teams to move funds around the clock while maintaining approval controls and audit processes used in corporate finance operations.
Circle was down by 1.35% in after-hours. The stock closed at $101.91 on Friday. On Stockwits, Circle (CRCL) remained in the ‘bullish’ territory, as chatter levels around it remained ‘low’ over the past day.
This comes as Tether has helped lead a $7.5 million round in Utexo, a startup that lets USDT settle on Bitcoin. Utexo and Tether said in a statement on Friday, “Bitcoin has always been central to Tether’s long-term vision for USDT, but turning that idea into reality required infrastructure that didn’t yet exist.” “The goal of Utexo was to create that solution and make Bitcoin-based stablecoin settlement possible with strong, production-ready payment rails.
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