{"id":35588,"date":"2026-03-10T13:19:59","date_gmt":"2026-03-10T11:19:59","guid":{"rendered":"https:\/\/crystalintelligence.com\/?p=35588"},"modified":"2026-04-17T17:34:25","modified_gmt":"2026-04-17T15:34:25","slug":"usdc-is-minting-billions-but-users-arent-there-yet","status":"publish","type":"post","link":"https:\/\/crystalintelligence.com\/market-analysis-research\/usdc-is-minting-billions-but-users-arent-there-yet\/","title":{"rendered":"USDC is minting billions, but users aren&#8217;t there yet"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"35588\" class=\"elementor elementor-35588\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4be4763f e-con-full e-flex e-con e-parent\" data-id=\"4be4763f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-324a994e elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"324a994e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/elementor\/thumbs\/logo-v6-ql764471x2x6z6e3lg5z20ms4e9ltzx488cb010234.jpg\" title=\"Crystal logo blog\" alt=\"Crystal Logo avatar\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" style=\"--smush-placeholder-width: 40px; --smush-placeholder-aspect-ratio: 40\/40;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ac700a4 e-con-full e-flex e-con e-child\" data-id=\"ac700a4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78f41fa1 elementor-widget elementor-widget-heading\" data-id=\"78f41fa1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">By Hannah Curtis<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14f727cf elementor-widget elementor-widget-heading\" data-id=\"14f727cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Crystal Foresight Product Leader \n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39f99cb e-con-full e-flex e-con e-parent\" data-id=\"39f99cb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-2aeec600 e-con-full e-flex e-con e-child\" data-id=\"2aeec600\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-6a37def8 e-con-full e-flex e-con e-child\" data-id=\"6a37def8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a6c0c5d elementor-widget-tablet_extra__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7a6c0c5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Share via:\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-183bb52d elementor-widget elementor-widget-image\" data-id=\"183bb52d\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"facebook-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/FB.svg\" class=\"attachment-full size-full wp-image-35273 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-466dcbc elementor-widget elementor-widget-image\" data-id=\"466dcbc\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"linkedin-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/In.svg\" class=\"attachment-full size-full wp-image-35275 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-548fcb5b elementor-widget elementor-widget-image\" data-id=\"548fcb5b\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"x-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/x.svg\" class=\"attachment-full size-full wp-image-35274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2fd9ff02 e-con-full e-flex e-con e-child\" data-id=\"2fd9ff02\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1cfdcf68 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"1cfdcf68\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-75ab97c elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tUpdated on: April 17, 2026\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-523deab e-con-full e-flex e-con e-parent\" data-id=\"523deab\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3d99c534 e-con-full e-flex e-con e-child\" data-id=\"3d99c534\" data-element_type=\"container\" data-e-type=\"container\" id=\"content-container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-58bf4654 elementor-widget elementor-widget-text-editor\" data-id=\"58bf4654\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Crystal Foresight tracks the $274.3 billion stablecoin market in real time, covering 99% of all stablecoin assets. Each week, this report highlights what the data shows about supply, transfer activity, and genuine use adoption, so that stablecoin issuers, financial institutions, and regulators can see beyond headline numbers to what is happening on-chain.<\/em><\/p><h2>Key takeaways<\/h2><ul><li>USDC added $1.55 billion in net supply and saw a 41.8% week-on-week transfer increase. However, 82% of its gross transfer volume reflects supply management operations, not genuine peer-to-peer activity.<\/li><\/ul><p>\u00a0<\/p><ul><li>USDT maintained a 59.5% organic share on $4.95 billion daily net transfers, the strongest volume quality profile among large-cap stablecoins. It contracted supply by $492.5 million, consistent with demand-driven adjustment.<\/li><\/ul><p>\u00a0<\/p><ul><li>Organic share divergence: XAUT leads at 76.8% organic activity. At the other end, DAI (1.6%), USDS (0.4%), and crvUSD (0.4%) show volumes dominated by protocol and issuer operations rather than user settlement.<\/li><\/ul><p>\u00a0<\/p><ul><li>Supply expansion totaling $2.0 billion concentrated in assets with low organic shares &#8211; USDC and A7A5 accounted for the bulk. This raises the question of whether new supply is matching genuine user demand.<\/li><\/ul><p>\u00a0<\/p><ul><li>USDAI lost 30.9% of its market cap over two weeks, the steepest decline in the tracked set. Transfer volume spiked 574.8% week-on-week, but from a very small base of $3.6 million to $24.2 million daily.<\/li><\/ul><p>\u00a0<\/p><ul><li>Gold-backed tokens PAXG and XAUT posted 6.2% and 6.1% two-week market cap gains, respectively, reflecting broader precious metals strength rather than stablecoin-specific demand.<\/li><\/ul><p>\u00a0<\/p><p>The $274.3 billion stablecoin market expanded supply by $2.0 billion this week. For the second consecutive week, that growth is concentrated in assets where most transfer volume comes from internal operations rather than users transacting. Last week&#8217;s question &#8211; whether USDC&#8217;s organic share would improve alongside supply expansion &#8211; now has a preliminary answer: it has not.<\/p><p>Crystal Foresight measures this through its volume fingerprint methodology, which separates gross transfer volume into supply management operations, protocol-driven activity, and genuine peer-to-peer transfers. The percentage of genuine transfers is the organic share. For a full explanation of how this works, see <a href=\"https:\/\/crystalintelligence.com\/market-analysis-research\/most-stablecoin-volume-data-is-not-what-it-seems\/\" target=\"_blank\" rel=\"noreferrer noopener\">last week\u2019s analysis<\/a>. The sections below apply that lens to this week\u2019s data.<\/p><h2>Market overview<\/h2><p>The table below covers the ten largest assets by market cap, with supply change, daily net transfers, week-on-week movement, and a volume quality descriptor.<\/p><table style=\"border-collapse: collapse; width: 84.975%; height: 841px;\"><tbody><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Asset<\/span><\/strong><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Market cap<\/span><\/strong><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Supply change<\/span><\/strong><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Daily net transfers<\/span><\/strong><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">WoW change<\/span><\/strong><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">How active<\/span><\/strong><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USDT<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$183.8B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-$492.5M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$4.95B<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+8.0%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">High &#8211; genuine peer-to-peer activity<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USDC<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$77.3B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+$1.55B<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$1.73B<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+41.8%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Low &#8211; 82% issuer operations<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USD1<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$4.6B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-$46.4M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$100.4M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-33.6%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Low &#8211; declining transfer momentum<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">DAI<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$4.5B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+$73.0M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$66.4M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+12.8%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Low-protocol recycling dominant<\/span><\/p><\/td><\/tr><tr style=\"height: 56px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">PYUSD<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$4.1B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-$82.0M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$63.1M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+89.2%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Moderate &#8211; mixed signals<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">XAUT<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$2.8B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$0<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$89.7M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-42.1%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">High &#8211; genuine settlement activity<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">PAXG<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$2.5B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+$82.2M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$26.9M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-70.8%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Moderate &#8211; precious metals driven<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">RLUSD<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$1.6B<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-$14.1M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$33.5M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+31.1%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Moderate &#8211; growing adoption signals<\/span><\/p><\/td><\/tr><tr style=\"height: 81px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">A7A5<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$494.1M<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+$264.0M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$109.8M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+32.1%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 81px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">High &#8211; near-perfect organic share<\/span><\/p><\/td><\/tr><tr style=\"height: 56px;\"><td style=\"width: 9.51586%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">FDUSD<\/span><\/p><\/td><td style=\"width: 12.8843%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$373.0M<\/span><\/p><\/td><td style=\"width: 15.4963%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #ff0000;\">-$2.2M<\/span><\/p><\/td><td style=\"width: 17.3623%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$6.9M<\/span><\/p><\/td><td style=\"width: 13.6895%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #339966;\">+178.4%<\/span><\/p><\/td><td style=\"width: 30.8848%; border-style: solid; text-align: center; height: 56px;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Low &#8211; small base spike<\/span><\/p><\/td><\/tr><\/tbody><\/table><p>Three patterns stand out.<\/p><ul><li>First, USDC&#8217;s transfer growth\u00a0of\u00a041.8% far outpaces USDT&#8217;s +8.0%,\u00a0but volume quality analysis below shows these gains are not comparable.<\/li><li>Second, FDUSD posted a 178.4% week-on-week transfer increase, but from a small base of $2.5 million to $6.9 million daily &#8211; a footnote rather than a trend.<\/li><li>Third, XAUT and PAXG saw sharp week-on-week transfer declines (-42.1% and -70.8%) after a period of elevated precious metals-driven activity.<\/li><\/ul><h2>How much activity is genuinely user-driven?<\/h2><p>The organic share table below ranks assets by the percentage of their transfer volume that comes from genuine peer-to-peer activity<\/p><table style=\"border-collapse: collapse; width: 87.813%; height: 546px;\"><tbody><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Asset<\/span><\/strong><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Daily transfer volume<\/span><\/strong><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Organic share<\/span><\/strong><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Key insight<\/span><\/strong><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center; background-color: #ffed00;\"><p><strong><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Signal<\/span><\/strong><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">XAUT<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$89.7M NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">76.8%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Genuine settlement<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Healthy usage<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USDT<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$4.95B NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">59.5%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Broad peer-to-peer<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Healthy usage<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">RLUSD<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$33.5M NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">~60%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Growing adoption<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Positive signal<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USDC<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$1.73B NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">18.6%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Supply management<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Not user-driven<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">DAI<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$66.4M NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">1.6%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Protocol recycling<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Structurally expected<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">USDS<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$246.3M NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">0.4%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Supply management<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Not user-driven<\/span><\/p><\/td><\/tr><tr><td style=\"width: 9.6828%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">crvUSD<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">$14.4M NET<\/span><\/p><\/td><td style=\"width: 16.0267%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">0.4%<\/span><\/p><\/td><td style=\"width: 26.2104%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Algorithmic operations<\/span><\/p><\/td><td style=\"width: 24.0401%; border-style: solid; text-align: center;\"><p><span style=\"font-family: arial, helvetica, sans-serif; color: #000000;\">Not user-driven<\/span><\/p><\/td><\/tr><\/tbody><\/table><p>XAUT leads with a 76.8% organic share, meaning more than three-quarters of its transfer volume comes from genuine settlement activity. USDT follows at 59.5%, a strong result for an asset processing\u00a0nearly $5 billion\u00a0daily.<\/p><p>At the other end, USDC\u2019s 18.6% organic share means that for every $1 of reported USDC transfer volume, less than $0.19 reflects genuine user activity. For the second consecutive week, supply expansion and organic share are moving in opposite directions.<\/p><p>DAI (1.6%) and\u00a0crvUSD\u00a0(0.4%) show even lower figures, though these are structurally expected for DeFi-native assets where protocol recycling is part of the design. The more concerning pattern is USDS at 0.4% organic share, combined with a 395.8% transfer spike &#8211;\u00a0almost entirely\u00a0driven by supply management operations rather than user demand.<\/p><h2>Market cap &#8211; two-week percentage change<\/h2><p><img decoding=\"async\" class=\"aligncenter wp-image-35624 size-full lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09.png\" alt=\"Bar chart showing two-week stablecoin market cap percentage change by asset, Crystal Foresight data March 2026\" width=\"1920\" height=\"1080\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09.png 1920w, https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09-300x169.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09-1024x576.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09-768x432.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Market-change-by-assets-2026-03-09-1536x864.png 1536w\" data-sizes=\"(max-width: 1920px) 100vw, 1920px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1920px; --smush-placeholder-aspect-ratio: 1920\/1080;\" \/><\/p><p>Source: Crystal Foresight<\/p><p>Among established assets, PAXG and XAUT each gained approximately 6.1-6.2%, driven by movements in precious metals prices rather than stablecoin-specific demand. USDC gained 3.8%, consistent with its aggressive supply expansion. MYRC posted the largest two-week gain at 20.9%, though on a micro market cap of $1.3 million.<\/p><p>On the downside, USDAI lost 30.9% of its market cap over two weeks. USDF declined 11.2%, and USD1 fell 8.5%. At the 90-day horizon, FDUSD has contracted 35.8% and USDAI 48.5%.\u00a0These are not short-term moves &#8211; both assets are in sustained structural decline.<\/p><h2>Supply dynamics<\/h2><p><strong>Where supply grew<\/strong><\/p><p>Five assets expanded supply this week. USDC led with $1.55 billion in net minting, followed by A7A5 at $264.0 million, PAXG at $82.2 million, DAI at $73.0 million,\u00a0crvUSD\u00a0at $26.6 million, MYRC at $253,000, and SATUSD at $10,000. Total expansion reached approximately $2.0 billion.<\/p><p>Does this reflect genuine demand?\u00a0For\u00a0USDC, the\u00a0organic share of 18.6% suggests\u00a0it does not\u00a0as supply is expanding faster than user-activity. A7A5\u00a0is the exception, despite its smaller scale,\u00a0it\u00a0achieves a high organic share,\u00a0indicating\u00a0its expansion may better reflect genuine demand. PAXG&#8217;s growth tracks precious metals prices rather than stablecoin adoption.<\/p><p><strong>Where supply fell<\/strong><\/p><p>USDT contracted by $492.5 million, the largest single-asset reduction.\u00a0With a 59.5% organic share and stable transfer volumes, USDT&#8217;s contraction looks orderly. In other words, the issuer is reducing excess coins to match actual demand.<\/p><p>On the other hand, USDAI\u2019s $145.0 million contraction, alongside its 30.9% two-week market-cap loss, points to an asset losing both supply and holder confidence simultaneously.<\/p><p>Other contracting assets include PYUSD (-$82.0 million), USD1 (-$46.4 million), RLUSD (-$14.1 million), FDUSD (-$2.2 million), and USDF (-$705,750). Total contraction reached approximately $782.8 million.<\/p><h2>Signals to watch<\/h2><p><strong>Velocity and concentration<\/strong><\/p><p>Velocity measures\u00a0the\u00a0percentage of an\u00a0asset\u2019s\u00a0total supply\u00a0that\u00a0changes hands daily.\u00a0crvUSD\u00a0leads at 4.1%, followed by XAUT at 2.9% and PAXG at 2.7%. But velocity must be read alongside organic share.\u00a0crvUSD&#8217;s\u00a0high velocity with just 0.4% organic share means its activity is\u00a0almost entirely\u00a0automated or\u00a0protocol-driven.\u00a0XAUT\u2019s\u00a02.9% velocity paired with 76.8% organic share\u00a0means its activity is user-driven, not automated.<\/p><p>Top-10\u00a0wallet concentration\u00a0remains\u00a0elevated across several assets. A7A5 (98.9%), SATUSD (98.8%), USDAI (94.3%), FDUSD (92.2%), USDTB (91.1%), and USD1 (88.3%) all show supply held overwhelmingly by a small number of wallets. USDT&#8217;s 27.5%\u00a0top-10\u00a0concentration is the lowest in the tracked set, reflecting broad distribution.<\/p><p><strong>Momentum<\/strong><\/p><p>Week-on-week transfer leaders include USDAI (+574.8%), USDS (+395.8%), FDUSD (+178.4%), and PYUSD (+89.2%). In each case, context matters. USDAI and USDS have\u00a0very low\u00a0organic shares, so their spikes reflect operational activity. FDUSD&#8217;s increase came from a small base of $2.5 million. PYUSD&#8217;s 89.2% growth to $63.1 million daily is the most credible momentum signal among these, deserving closer examination of its organic share breakdown in the weeks ahead.<\/p><p><strong>Risks<\/strong><\/p><p><strong>Volume quality:<\/strong> USDC, DAI, USDS, and crvUSD all show organic shares below 20%. For institutions using gross transfer volume to assess liquidity or market depth, these figures are not comparable to assets with a 60%+ organic share. The numbers are not wrong &#8211; they are measuring different things.<\/p><p><strong>Concentration risk<\/strong>:\u00a0Six assets carry\u00a0top-10\u00a0wallet concentrations above 88%. A7A5 and SATUSD exceed 98%.\u00a0At that level of concentration, a small number of large holders can move the markets significantly.\u00a0(Note: USDS concentration partly reflects its official staking contract\u00a0rather than pure holder concentration.)<\/p><p><strong>USDAI:<\/strong> USDAI\u2019s contraction pattern, flagged above, is the most concrete stress signal in this week&#8217;s data. Does it stabilize or accelerate next week?<\/p><p><strong>Questions Crystal Foresight will track:<\/strong><br \/>Will USDC\u2019s organic share improve as its expanded supply enters circulation? Can PYUSD sustain its 89.2% transfer momentum, and what does its organic share look like? Will USDAI\u2019s market cap contraction stabilize, or is this the beginning of a deeper decline?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-61646439 e-con-full e-flex e-con e-child\" data-id=\"61646439\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f1b3401 elementor-widget elementor-widget-text-editor\" data-id=\"7f1b3401\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Get the full picture with Crystal Foresight<\/strong><\/p><p>Crystal Foresight gives you real-time visibility into stablecoin supply, transfers, and volume quality across 99% of the market. 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Each week, this report highlights what the data shows about supply, transfer activity, and genuine use adoption, so that stablecoin issuers, financial institutions, and regulators can see beyond headline [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":36754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[779],"tags":[],"class_list":["post-35588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USDC Mints $1.5 Billion but Volume Is Not User-Driven<\/title>\n<meta name=\"description\" content=\"USDC minted $1.5B again, but organic share barely moved. 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