2026 Q1 Stablecoin Core Data and Trends

In Q1 2026, the total stablecoin supply reached $320 billion (a historical high, up $8 billion quarter-over-quarter, with a growth rate that is the slowest since Q4 2023), and total transaction volume surpassed $28 trillion, accounting for 75% of total crypto transaction volume (the highest share on record), becoming the core of liquidity in the crypto market.

1. Divergence in the Issuance Landscape

- USDC: Supply increased by $2 billion this quarter, driven by Circle’s expansion and partnerships with institutions such as Visa and Intuit, plus settlement demand on the Solana chain (single-chain transaction volume of $650 billion).
- USDT: Supply decreased by $3 billion this quarter; since the beginning of 2026, redemptions have exceeded $4 billion, related to controversies over reserve transparency. Tether has hired one of the Big Four accounting firms to initiate its first comprehensive independent audit, which has not been completed yet.
- Non-USD stablecoins: Supply is $1.2 billion, with monthly transfer volume of $10 billion; addresses holding stablecoins for 3 years increased from 40,000 to 1.2 million.

2. Changes in Trading Structure

The share of automated program trading rose to 76%; retail-grade transfers (single transfers < $10,000) fell by 16% (the largest quarterly drop). After excluding fake transactions, the share of transactions with real payment backgrounds is less than 1%. Institutional algorithmic strategies have become the main driving force, which may trigger a sharp shift in the direction of capital flows and associated risks.

3. Global Regulatory Developments

- United States: The GENIUS Act (enacted in July 2025) clarifies stablecoin reserve requirements; the CLARITY Act draft focuses on the positioning of yield-bearing stablecoins (payment tool vs. wealth-management attributes), affecting product design.
- European Union: MiCA regulations have come fully into effect; starting June 30, 2026, systemically important euro stablecoins will be required to hold 60% of reserves in banks, increasing issuance costs.
- Other: The Hong Kong Monetary Authority’s stablecoin licensing regime has been implemented.

4. New Market Developments

The size of yield-bearing stablecoins is approximately $3.7 billion, expanding due to high-yield growth but facing regulatory pressure. Ripple partnered with Convera, and Thunes partnered with SWIFT, promoting the rollout of cross-border stablecoin payments, reaching a reachable market size of $17.9 trillion.

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