6-8-2025 – Monthly stablecoin settlement volume reached an all-time high of $1.5 trillion in July, with Circle’s USDC accounting for between 40% to 48% of all on-chain DeFi transactions involving stablecoins, according to market data reported by blockchain analytics firm Sentora.
The record-breaking settlement volume demonstrates USDC’s growing dominance in decentralized finance applications, significantly outpacing Tether’s USDT which typically accounts for 20% to 27% of total stablecoin volume. The $1.5 trillion monthly figure represents the first time stablecoin settlements have crossed this threshold, indicating massive growth in transaction activity across the sector.
USDC’s on-chain dominance contrasts with its smaller market capitalization compared to USDT, highlighting how different stablecoins serve distinct use cases. While Tether remains the largest stablecoin by market cap, USDC has emerged as the preferred token for sophisticated on-chain activities including automated market making, lending protocols, and cross-chain transfers. The substantial international volume reflects stablecoins’ growing utility for seamless trading across geographical regions in an integrated global marketplace.
The milestone comes as stablecoin adoption accelerates across traditional finance and emerging markets, with monthly transaction volumes now routinely exceeding those of major payment processors. Industry observers expect continued growth as institutional adoption expands and regulatory frameworks provide clearer guidance.
