Key Highlights

  • Stablecoin Supply topped USD 310 billion on Oct 3, with about USD 1 billion of Liquidity added over 72 hours, roughly USD 333 million a day (our calculation).
  • Q3 growth over 90 days was USDC USD 881 million, RLUSD USD 765.3 million, USDT USD 474.2 million and USDe USD 419.1 million, about USD 2.54 billion combined (our calculation).
  • Circle Internet Group (NYSE:CRCL) is launching cirBTC, a Wrapped Bitcoin token that lets institutions borrow and lend against BTC.
  • Separate weekly data show supply up USD 1.8 billion, but growth does not prove deployment into risk assets.

The supply numbers

Total Stablecoin supply passed USD 310 billion, with roughly USD 1 billion added over 72 hours. Our calculation converts that to about USD 333 million per day. Over the 90-day third quarter, USDC grew USD 881 million, RLUSD USD 765.3 million, USDT USD 474.2 million and USDe USD 419.1 million, totalling about USD 2.54 billion (our calculation), roughly 0.8% of total supply. USDC's share of that four-coin total is about 34.7% (our calculation). Circle Internet Group (NYSE:CRCL), issuer of USDC, therefore leads this group's quarterly gains, though the figures cover only four coins and not the whole market. USDT's USD 474.2 million and USDe's USD 419.1 million were smaller, and RLUSD's USD 765.3 million ranked second.

New products from Circle and Tether

Circle Internet Group (NYSE:CRCL) is launching cirBTC, a wrapped bitcoin token designed so institutions can borrow and lend against bitcoin holdings. Separately, Tether is reportedly bringing USDT back to the Bitcoin network through Utexo. Both moves link stablecoin infrastructure more closely to bitcoin, widening where dollar tokens can circulate. For Circle Internet Group (NYSE:CRCL), a new token is a product extension, and the commercial impact will depend on adoption, fees and regulation, none of which the early announcements quantify.

Supply is not the same as Demand for risk

Separate weekly data show total supply up USD 1.8 billion, but rising supply does not prove the cash is flowing into bitcoin or other risk assets. Stablecoins serve payments, settlement and collateral, and balances can sit idle on exchanges. Still, growing supply is a liquidity indicator worth tracking alongside spot ETF flows, with bitcoin near 85,000 and Ether near 2,714. Watch whether USDC and the others keep adding supply, how Circle Internet Group (NYSE:CRCL) rolls out cirBTC, and whether regulatory clarity affects growth. Metrics can reverse quickly. Regulatory changes, issuer reserve disclosures and competition between USDT, USDC and newer coins such as RLUSD and USDe will shape which issuers keep gaining share over the coming quarters.

Where Things Stand

The four coins that led the quarter were USDC, RLUSD, USDT and USDe, together adding about USD 2.54 billion as total supply passed USD 310 billion. USDC's USD 881 million was the largest contribution, which helps Circle Internet Group (NYSE:CRCL), though the new cirBTC product has no disclosed numbers yet. Supply growth signals liquidity but not necessarily risk appetite, so investors should read it with caution. This is not Investment advice.