There’s a lot going on in the stablecoin space, and no single source of truth for people to stay up to date. So, every month, we bring you a concise update of the biggest stablecoin developments and use cases, as well as what’s happening onchain — all in one place.
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Top Stablecoin Stats
Total market cap: $295.55B (+0.70%)
Monthly transfer volume: $6.83T (-14.60%)
Monthly active addresses: 60.4M (+5.20%)
Total holders: 294.89M (+2.85%)
USDT: $183.23B (+0.53%)
USDC: $73.15B (-1.08%)
USDS: $7.01B (+6.48%)
USDe: $4.95B (+13.4%%)
DAI: $4.59B (+0.12%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
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What Caught Our Eye This Month
Circle launched Arc, a Layer-1 blockchain aimed at stablecoin payments and the agentic economy.
Arc offers infrastructure for FX transfers, tokenizing assets, and agentic payments.
It is interoperable with 20+ chains through Circle CCTP, charges fees in USDC and claims to settle most transactions in under a second.
Arc’s founding validator cohort includes firms such as BlackRock, the DTCC, Galaxy, and Visa.
21 financial institutions, including Bank of America, Fidelity and Citi, have partnered to create their own dollar-denominated stablecoin.
The conglomerate, which is still unnamed, aims to launch the new stablecoin in the first half of 2027, and plans to offer other stablecoins pegged by G7 currencies in the future.
Tether has begun winding down Alloy, its gold-backed stablecoin platform.
The sunset began with the removal of aUSDT, Alloy’s XAUT-backed stablecoin, which was redeemable until September 17.
The move came as a response to low user demand, and Tether said it will now focus on areas with deeper liquidity and greater market opportunity.
Quote of the Month
“When you send money from Wells Fargo to Bank of America, you don't sell Wells Fargo dollars to buy Bank of America dollars [...] But in the stablecoin world, that is what you do. You're often selling one to buy another, and the way you get out of that market-based paradigm is through clearing. You have to have a central place where people can go and exchange one fund for another based on real collateral that both stablecoins are backed by."
Sam Broner, founder of The Better Money Company, on the Talking Tokens Podcast.
Listen to the full episode here to learn more about how stablecoins are changing the way banks interact with money and their use in the emerging agentic economy.
A Chart Worth Checking Out
Circle’s Arc network, which launched on September 16, saw its stablecoin supply quickly skyrocket at launch to $657 million. Supply has fluctuated since then, however, falling as low as $458 million (30.3% below launch) on September 27, before climbing back to $519 million at the time of writing.
USDC makes up 98.8% of the network’s stablecoin supply.
Top Developments In September
Ondo removed support for minting USDY on Aptos and Noble on September 8.
Binance bought 1.24 million shares of Circle, valued at $100 million dollars, and signed a five-year partnership with the stablecoin issuer to expand USDC adoption in emerging markets.
Volante Technologies, a payments-as-a-service (PaaS) company, signed a deal with Circle to integrate USDC into its AI-powered payments platform.
Tether is working with U.S. authorities to freeze $550 million worth of USDT that was tied to Iran’s central bank and sanctions network.
PayPay, a Japanese payments network, has partnered with Binance to support crypto payments through Binance Pay.
The partnership aims to make integration to the network easier for foreigners and tourists in Japan, and expand the utility of Binance Pay abroad.
This is the State of Stablecoins. September Edition.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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