USDC Transaction Volume Surpasses USDT, Stablecoins Become Core Engine of On-Chain Liquidity

February data reveals that the total stablecoin transfer volume in the crypto market reached a record high of $1.8 trillion. Notably, USDC (USD Coin) surpassed USDT (Tether) for the first time in terms of transaction frequency and on-chain liquidity contribution, becoming the most active stablecoin. Although USDT still maintains a larger market capitalization, USDC's usage in actual transactions, cross-chain bridging, and on-chain settlement has significantly increased, reflecting a growing market preference for efficient, compliant, and interoperable stable assets.

This trend indicates that the role of stablecoins has evolved from a simple valuation tool to an underlying liquidity infrastructure supporting decentralized finance (DeFi News) and cross-chain ecosystems. A large amount of capital is rapidly flowing through USDC between wallets, smart contracts, and cross-chain protocols, which not only reduces slippage in large transactions but also improves the overall execution efficiency of the market. For developers, this means that strategies for building capital inflow/outflow channels and liquidity pools need to pay more attention to USDC's on-chain activity, rather than just relying on market capitalization rankings.

It is worth noting that USDC's rapid growth is closely related to the compliance architecture of its issuer, Circle, making it easier for institutions and exchanges to accept. At the same time, some US states, such as Florida, are advancing relevant regulatory proposals, which may further affect the popularization path of stablecoins. In the coming weeks, the market will focus on whether USDC can maintain its current high transfer rate and how the regulatory environment will respond to this increasingly important financial infrastructure. Overall, the liquidity of the crypto market is shifting from 'asset price volatility' to 'capital flow efficiency.' As a carrier of digital dollars, stablecoins are becoming a key bridge connecting traditional finance and the on-chain economy.