Stablecoins hit ATH
Stablecoin market cap just climbed to a $313 billion all‑time high — and USDC has overtaken USDT in reported volume, roughly $2.2T vs $1.3T. This shift matters for liquidity and on‑chain capital flows as programs and exchanges reweight reserves. (x.com)
DefiLlama’s stablecoin dashboard shows the market‑cap peak was recorded in early March, with the highest timestamped on March 8, 2026. (defillama.com) Blockchain analytics firm Allium reported February’s monthly stablecoin transfer volume set a record at $1.8 trillion, with USDC accounting for roughly $1.26 trillion of that month’s transfers and USDT about $514 billion. (docs.allium.so) A March 13 research note from Mizuho Securities flagged the change in on‑chain activity and singled out use cases such as Polymarket—which settles exclusively in USDC—as a material contributor to the shifting flow patterns. (coindesk.com) Mizuho’s analysts followed the analysis by raising their price target on Circle stock, moving it from $100 to $120 in the March research update. (coindesk.com) Exchange‑level data tracked by CryptoQuant show stablecoin balances have concentrated at Binance, which held about $47.5 billion of USDT and USDC—roughly 65% of the CEX reserves CryptoQuant tracks. (coinmarketcap.com) On‑chain flow trackers and market‑flow analysis note that, even as supply and transfer activity rose, net stablecoin inflows to centralized exchanges have been negative year‑to‑date, suggesting the new supply is not translating into straightforward exchange buying pressure. (ainvest.com)
