USDC Overtakes USDT in Adjusted Volume; Solana Gains On-Chain Edge Over Ethereum

USDC surpasses USDT in adjusted volume as Solana strengthens its on-chain position relative to Ethereum.

2026-03-14

On paper, Tether USDT remains dominant, making up over 55% of the $320 billion stablecoin market. Against this backdrop, a recent report highlighting Circle’s USDC overtaking USDT in “adjusted volume” naturally stirred things up. USDC now makes up 64% of the volume between the two stablecoins. According to the chart above, USDC has moved about $2.2 trillion in adjusted transaction volume this year, topping USDT’s $1.3 trillion.

In fact, this is the first time since 2019 that USDC has overtaken USDT, highlighting a shift in which stablecoin is driving real on-chain activity. So far in 2026, the SOL/ETH ratio has stayed range-bound around its 0.04 opening price – Up just 0.26%. This resilience in a risk-off market matters, especially when you consider that the ratio ended 2025 with a 26% correction – The biggest setback since the 2022 bear market.

Against this backdrop, Solana’s transactional edge over Ethereum begins to hold weight. Nearly 54% of Solana’s on-chain liquidity sits in USDC, with supply increasing by 2.26% just this week alone. Since USDC has dominated transaction volume so far this year, this could translate into stronger technical performance for SOL, potentially positioning the network to outperform Ethereum in the coming months. For the first time since 2019, USDC leads in adjusted transaction volume, now making up 64% of total stablecoin flows.

SOL might just have a “structural advantage” that could translate into real technical outperformance. USDC’s high transaction volume is raising questions about how this could impact L1s, especially after Circle minted an extra $2 billion USDC on Solana just this week. Solana’s transaction volume is nearly 30x greater than Ethereum’s.

USDC now accounts for 64% of the volume between the two stablecoins, according to the latest data. This year USDC has moved about $2.2 trillion in adjusted transaction volume, topping USDT’s $1.3 trillion. This marks the first time since 2019 that USDC has overtaken USDT, signaling a shift in which stablecoins drive real on-chain activity.

So far in 2026, the SOL/ETH ratio has remained range-bound near its 0.04 opening price, up just 0.26%. The resilience comes after a 2025 finish with a 26% correction—the largest setback since the 2022 bear market—highlighting Solana’s growing on-chain edge over Ethereum. Nearly 54% of Solana’s on-chain liquidity sits in USDC, with supply rising 2.26% this week, suggesting a potential for SOL to outperform ETH in the coming months.

For the first time since 2019, USDC leads in adjusted transaction volume, now making up 64% of total stablecoin flows. USDC’s high transaction volume raises questions about its impact on L1s, especially after Circle minted an extra $2 billion USDC on Solana this week. Solana’s transaction volume is nearly 30x greater than Ethereum’s, underscoring a possible structural advantage for Solana.