Circle Internet Group Sets Sights on $9.6 Trillion Stablecoin Flow as Stablecoin Network Gains Momentum

Market Context

Stablecoins are increasingly being used not only for crypto trading but also as infrastructure for payments, remittances, and tokenised assets. Circle’s USDC being applied across multiple blockchains and institutional rails means that it is now intersecting with the broader US$9.6 trillion+ foreign-exchange market and global payment flows. This positions stablecoins as a credible bridge between traditional finance and digital assets.

Technical Details with Attribution

• Circle’s Q3 2025 earnings presentation shows USDC circulation reached US $73.7 billion, up 108% year-over year. 
• On-chain volume of USDC transactions jumped to US $9.6 trillion, representing a 6.8× year-on-year rise. 
• The company’s strategy emphasises building an “economic operating system for the Internet” via stablecoins, tokenised money-market funds (USYC) and global payments rails. 
• Circle referenced the global foreign-exchange (FX) market size and implications for stablecoins in its disclosures to highlight scale and opportunity.

Analyst Perspectives 

Some analysts believe Circle’s ability to lever USDC into FX-scale flows could mark a paradigm shift in how digital dollars integrate into global finance—potentially drawing on traditional FX and payments volumes for growth.

Yet, cautious voices point out key risks: stablecoin issuers face regulatory uncertainty, margin compression (given interest-rate headwinds), and competition from both legacy financial institutions and rival crypto issuers. Reaching full-scale FX-level utility remains a multi-year journey, and expectations should be tempered accordingly.

Global Impact Note

If Circle successfully extends USDC into flows that rival traditional FX volumes, it could reshape global payment rails—especially in emerging markets (Africa, Latin America, South Asia) where dollar-stable digital assets already serve as de-facto coins. For India, in particular, this development underscores the potential for stablecoins to complement rupee-denominated international flows and cross-border remittances, subject to regulatory clarity.