Stablecoin usage reached a new milestone in January, with total onchain transaction volume surpassing $10 trillion, according to data from Artemis.
Key takeaways
Total stablecoin transaction volume exceeded $10 trillion in January
USDC alone processed over $8.4 trillion, representing the majority of activity
Stablecoin usage continues to scale far beyond most traditional payment rails
Onchain dollar settlement is increasingly concentrated around USDC
The data shows that USD Coin (USDC) accounted for the overwhelming majority of that activity, processing more than $8.4 trillion in transactions during the month, underscoring its dominant role in global digital dollar settlement.
According to @artemis, USDC processed more than $8.4 trillion in transactions in January, out of a total of $10T int he market. https://t.co/tPHS4zZw9X
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) February 2, 2026
USDC’s Growing Share of Onchain Dollar Flows
The Artemis data highlights a clear trend: USDC has become the primary settlement layer for onchain dollar transactions. While multiple stablecoins contribute to overall volume, USDC’s share stands out sharply, dwarfing competing tokens across the month.
This dominance reflects USDC’s deep integration across centralized exchanges, decentralized finance protocols, and institutional payment flows. Its consistent usage across multiple blockchains has made it the preferred medium for high-frequency, high-value transfers, particularly as regulatory scrutiny around stablecoins continues to intensify.
Why the $10 Trillion Figure Matters
Crossing $10 trillion in monthly transaction volume places stablecoins in a league comparable to – and in some contexts exceeding – traditional global payment networks. Unlike card or bank rails, these transfers settle near-instantly, around the clock, and across borders, with full onchain transparency.
As noted by Circle CEO Jeremy Allaire, the data underscores how stablecoins are no longer a niche crypto tool, but a core piece of global financial infrastructure, increasingly used for trading, remittances, treasury management, and onchain commerce.
The Bigger Picture
The concentration of activity in USDC suggests the stablecoin market is entering a scale-and-trust phase, where liquidity, compliance, and network effects matter more than sheer token count. If current trends persist, stablecoins – and USDC in particular – may continue absorbing a growing share of global transaction settlement, especially in regions where traditional banking remains slow or fragmented.
