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In the third quarter of 2026, USDC, a stablecoin issued by Circle, recorded $40.2 billion in trading on decentralized exchanges (DEXs) during weekends when traditional banks were closed. This trading activity highlights the growing role of decentralized finance, as these exchanges operate without the need for brokers or clearinghouses, relying instead on smart contracts to facilitate trades.
The weekend trading figures indicate that USDC is becoming a significant player in the crypto market, with daily stablecoin transfers potentially reaching up to $38 billion. This volume is comparable to Visa's average daily transaction volume of around $40 billion, suggesting that on-chain transactions are now operating at a scale similar to that of traditional payment networks, even during off-hours for banks.
Approximately 69% of USDC's on-chain activity was linked to liquidity provision on DEXs, where users deposit tokens into pools for trading, earning fees in the process. Additionally, 23% of the activity stemmed from flashloans, allowing users to borrow and repay funds within the same transaction without collateral. By the end of September 2026, USDC's circulating supply was around $74.6 billion, contributing to a total stablecoin supply estimated between $304 billion and $311 billion, with USDC and USDT together controlling about 85% of this market.
Source: KLEA News