$2.6 Billion in Seven Days, and Nobody Blinked
Circle issued approximately $4.6 billion in fresh USDC over the past seven days while redeeming roughly $2 billion, leaving a net increase of $2.6 billion in circulating supply. That works out to roughly $370 million in new USDC entering the crypto ecosystem every single day.
Total USDC in circulation now stands at approximately $73.1 billion, according to Circle's transparency page. The figure represents a 73% year-over-year increase from 2024, when USDC's market cap hovered around $42 billion. In raw terms, Circle has added more USDC supply in a single week than the entire market cap of most mid-cap crypto protocols.
Cointelegraph flagged the figure on February 15, and the data aligns with Circle's own weekly disclosure of mint and burn flows.
Why $370 Million Per Day Matters More Than the Number Suggests
Weekly minting surges are not new for USDC. What makes this one notable is the context: it arrives during a period where institutional demand for regulated stablecoins is accelerating, the GENIUS Act is reshaping the legislative landscape in Washington, and Circle is preparing for what many expect to be one of the most closely watched fintech IPOs in years.
USDC's growth rate has outpaced Tether's USDT for two consecutive years now. In 2025, USDC grew 73% while USDT added 36%, reaching $186.6 billion. Together, the two stablecoins account for over 80% of the total stablecoin market, which now exceeds $312 billion, according to CoinDesk.
The gap in growth rates tells a story about where the money is coming from. USDT continues to dominate in emerging markets, peer-to-peer trading, and offshore exchanges. USDC's gains are disproportionately driven by institutional players, DeFi protocols, and platforms that require a stablecoin with transparent, audited reserves.
The Reserve Machine Behind the Printing Press
Every dollar of USDC in circulation is backed by reserves held in short-duration U.S. Treasuries, overnight reverse repurchase agreements, and cash deposits at systemically important financial institutions. Roughly 90% of the reserve sits in the Circle Reserve Fund (ticker: USDXX), a BlackRock-managed, SEC-registered money market fund. The remaining 10% is held in cash to facilitate immediate redemptions.
Circle publishes monthly reserve attestations conducted by Deloitte and provides weekly disclosure of mint and burn flows. BlackRock publishes daily portfolio holdings for USDXX independently. This three-layer transparency structure, weekly Circle reports, monthly Deloitte attestations, and daily BlackRock fund disclosures, is a deliberate contrast with Tether, which has faced persistent questions about reserve composition and audit quality.
For the $2.6 billion minted this week, that means approximately $2.34 billion flowed into T-bills and repos within days, while $260 million was parked in cash. The entire reserve earns yield for Circle (not for USDC holders), which is why the GENIUS Act's treatment of stablecoin yield has become such a political flashpoint.
The GENIUS Act Connection: Why This Minting Surge Has Political Stakes
The timing of this supply expansion is impossible to separate from the ongoing debate over the GENIUS Act, the most significant stablecoin legislation to reach serious consideration in the United States.
As we covered recently, Coinbase CEO Brian Armstrong drew a public "red line" on the bill's yield provisions. Banks are lobbying to ban stablecoin issuers from passing interest to holders entirely. If they succeed, the economics of holding stablecoins for spending and payments become less attractive compared to traditional bank deposits, even as the infrastructure becomes more capable.
Circle's position is nuanced: the company does not currently pass yield to USDC holders, but it benefits from keeping regulatory doors open. A total ban on stablecoin yield would cap the ceiling on what regulated issuers can eventually offer, while doing nothing to constrain offshore competitors.
The $2.6 billion in weekly inflows suggests the market is not waiting for legislative clarity. Demand for USDC is growing regardless of the policy outcome, driven by real usage in DeFi, trading, payments, and increasingly, crypto card funding.
Where the New USDC Is Going
The supply expansion is not concentrated on a single chain. Circle now offers USDC natively on 30 blockchains, up from 15 just two years ago. Recent minting activity shows heavy issuance on Solana, where Circle minted 500 million USDC in a single batch in early February alone.
Solana's emergence as a stablecoin hub aligns with the broader RWA ecosystem growth we documented last week. The chain now hosts over $1.66 billion in tokenized real-world assets, and USDC serves as the primary settlement currency for much of that activity.
Ethereum remains the largest single chain for USDC by total supply, but Solana, Base (Coinbase's L2), and Arbitrum are absorbing an increasingly large share of new issuance. This multichain distribution reduces single-chain dependency risk and expands the number of platforms where users can hold and spend USDC without bridging.
For crypto card users specifically, more USDC on more chains means more options for low-fee top-ups. Cards like Coinbase, which support USDC natively on Base, benefit directly from increased Base-native supply. Self-custody cards on Solana, including Solflare and several KAST tiers, can draw from the growing Solana USDC pool without cross-chain bridge fees.
What Crypto Holders Should Watch Next
Three signals will determine whether this minting pace accelerates or reverts to baseline:
Circle's IPO filing. Circle has been on an IPO trajectory for over a year. A formal S-1 filing would force unprecedented disclosure of minting patterns, revenue from reserves, and institutional client demand. If the filing reveals that a handful of large clients are driving the bulk of recent minting, the growth narrative changes significantly.
GENIUS Act markup. The next Congressional action on stablecoin legislation will clarify whether yield restrictions survive. A permissive outcome could unlock a wave of new USDC demand from yield-seeking institutional allocators. A restrictive outcome might not slow existing demand, but it would cap future growth potential.
Tether's response. USDT still commands 2.5x USDC's market cap. If Tether responds to USDC's relative growth by improving its own transparency practices or expanding into regulated markets, the competitive dynamics shift. If Tether doubles down on its current strategy of offshore dominance, the two stablecoins will continue diverging into distinct use cases.
FAQ
How much USDC did Circle mint this week? Circle issued approximately $4.6 billion in new USDC and processed roughly $2 billion in redemptions, resulting in a net increase of about $2.6 billion in circulating supply over seven days.
What is the total USDC supply now? USDC's total circulation stands at approximately $73.1 billion as of mid-February 2026, representing a 73% increase year-over-year from 2024.
Are USDC reserves fully backed? Yes. Circle maintains 100% reserves in cash and cash-equivalent assets, primarily short-duration U.S. Treasuries and repos held in a BlackRock-managed SEC-registered money market fund. Deloitte conducts monthly attestations, and BlackRock publishes daily portfolio holdings.
Does this affect crypto card users? More USDC in circulation means deeper liquidity for card top-ups, tighter spreads on stablecoin-to-fiat conversion at point of sale, and broader chain support. Cards that accept USDC funding benefit directly from supply expansion.
Overview
Circle added $2.6 billion in net new USDC to circulation in a single week, pushing total supply past $73 billion. The expansion arrives at a critical moment: the GENIUS Act debate is ongoing, Circle's IPO is on the horizon, and Solana is absorbing a disproportionate share of new issuance. USDC's 73% year-over-year growth rate continues to outpace Tether's USDT, driven by institutional demand for regulated, transparent stablecoin reserves. For crypto card holders and stablecoin spenders, the practical impact is straightforward: more supply on more chains means better liquidity, lower conversion costs, and more funding options.
Recommended Reading
- Coinbase CEO Draws Red Line on GENIUS Act as Banks Push to Kill Stablecoin Yield
- Solana RWA Ecosystem Smashes Through $1.66 Billion as Tokenized Value Nearly Doubles in Six Weeks
- White House Stablecoin Talks Collapse as Banks Demand a Total Ban on Yield
