Circle reported third-quarter 2026 USDC transaction volume grew 49% to $13.9 trillion while reserve income fell 8% to $658 million

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.