I looked into why USDC is moving more, and the answer is not what you think.


One of the main reasons is @base.
Base processed 62% of global onchain stablecoin transaction volume in Q1, which is insane.
And @solana is also pushing a lot of USDC activity. We all know Solana is cheap and fast enough for high-frequency stablecoin use, so to me, it’s obvious why USDC is no longer just sitting idle. It’s moving across swaps, apps, payments, and DeFi flows.
Then there’s @circle.
USDC supply is growing, but volume is growing way faster:
→ USDC circulation reached $77B, up 28% YoY
→ USDC onchain transaction volume hit $21.5T, up 263% YoY
Each dollar of USDC is being reused more often, and while MiCA and the U.S. GENIUS Act make USDC more institution-friendly, imo the bigger story is distribution.
And I can bet that if all of these keep moving in sync, USDC starts looking less like a stablecoin people only hold, and more like one of the main dollar rails for onchain activity.
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