Circle (CRCL) Stock Climbs 4% as USDC Stablecoin Captures 70% of Record Market Volume

Key Highlights

• USDC processed an unprecedented $1.21 trillion in adjusted transactions during June 2026, capturing 67–70% of total stablecoin market activity
• The entire stablecoin sector achieved record volume of $1.79 trillion in June, representing a 63% increase from the previous month
• Circle stock advanced 4% on July 2, reaching $66 in pre-market trading on July 6, marking a 3.4% gain
• ARK Invest purchased $17.8 million worth of Circle shares on July 2, contrasting with Jefferies’ cautionary stance
• Technical analysis indicates CRCL must surpass $71 to establish bullish momentum; current RSI of 36 signals continued bearish pressure

Circle’s flagship USDC stablecoin processed $1.21 trillion in adjusted transaction volume throughout June 2026, surpassing Tether’s USDT by more than double—USDT recorded $573 billion during the same period.

According to Visa’s onchain analytics dashboard, USDC commanded approximately 67–70% of aggregate stablecoin volume during the initial six months of 2026. Meanwhile, USDT maintained roughly 25% market share.

The stablecoin industry collectively achieved a milestone $1.79 trillion in adjusted volume during June. This represents a substantial 63% surge from May’s $1.1 trillion figure and more than doubles the $795 billion recorded in June 2025.

Circle’s stock price reflected this performance. Shares appreciated 4% on July 2, closing at $64, before climbing an additional 3.4% during pre-market activity on July 6 to hit $66.

Circle Internet Group, CRCL

The cumulative stablecoin volume for the first half of 2026 reached $8.82 trillion—a figure that already exceeds the complete 2024 annual total of $5.8 trillion, while sitting approximately $2 trillion beneath the 2025 record of $10.8 trillion.

The competitive landscape between USDC and USDT has shifted dramatically in recent years. In 2020, USDT commanded nearly 90% of adjusted transaction volume while USDC represented less than 10%. By 2022, USDC’s share had expanded to approximately 45%.

Forces Behind the Volume Surge

Traditional financial institutions are increasingly contributing to this growth. Major players like Standard Chartered and BNY have integrated services centered on USDC instead of developing proprietary stablecoin solutions. This trend illustrates a strategic preference for leveraging existing infrastructure over building new systems.

Grayscale’s research director Zach Pundl characterized June’s figures as the highest stablecoin transaction volumes ever documented.

While USDC leads in dollar volume, Tether maintained an edge in transaction count—processing 145 million transactions compared to USDC’s 57 million in June.

OUSD Worries Subside as Technical Indicators Remain Mixed

Circle shares declined to $62 on June 30 following its removal from multiple Russell indexes and amid concerns that the newly launched OUSD stablecoin could capture market share. This decline produced the largest bearish candle since March 2026.

Jefferies issued a research note on July 2 advising clients to avoid purchasing CRCL stock, citing potential threats from OUSD. Nevertheless, the stock advanced from $63 on July 2 to $66 by July 6.

ARK Invest took a contrasting position to Jefferies, acquiring $17.8 million in Circle equity on July 2—the identical day the cautionary note was published.

Concerns surrounding OUSD have subsequently diminished. Samsung and Dunamu, initially identified as OUSD project partners by Open Standard, have publicly distanced themselves from the initiative.

USDC’s market capitalization experienced a modest contraction, declining from $73.75 billion on June 30 to $72.87 billion, indicating some capital rotation following OUSD’s introduction.

From a technical perspective, CRCL must breach the middle Bollinger band at $71 to validate bullish momentum. The Relative Strength Index currently registers at 36, remaining in bearish territory despite the recent recovery from $62.

Should buying activity propel CRCL beyond $71 while pushing the RSI above 50, the upper Bollinger band at $83 emerges as the subsequent price objective.

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