USDC flows on Ethereum have pushed its market share above 32%, while USDT has dropped below 50%. Over the past month, USDT on-chain flow edged up just 1.46%, while USDC supply expanded by a much stronger 10.13%. That is almost a tenfold gap, suggesting liquidity is starting to favor USDC over USDT. USDC’s market cap has jumped roughly 30%, surpassing $80 billion to reach an all-time high since Circle’s IPO in late Q2 2025.
Circle’s stock CRCL has surged 120% over the past 30 days, highlighting solid technical and market performance that backs the on-chain trends. Tether’s rotation toward Bitcoin, combined with Circle’s growing market share, shows that large players are strategically shifting how they deploy stablecoins on Ethereum. The result is clear: USDC’s roughly 10% gain over the past month aligns closely with ETH’s 20% price increase. In essence, the effects of Ethereum’s 2025 upgrades are showing up in its stablecoin activity, with USDC flows now feeding directly into on-chain activity.
USDC supply has surged over 10% on Ethereum in the past month, supported by large holders and on-chain activity, signaling strategic rotation rather than a short-term move. ETH’s 20% move over the past month.
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