USDC price stays near dollar as Q3 usage accelerates

The USDC price remained close to its intended dollar peg on November 10 as attention shifted from token balances to payment activity. Investing.com displayed a price of 1.0010 USD at 15:20:21 when checked on the reporting date, alongside a 24-hour range of 1.0009 to 1.0011 USD. The page showed 10.48 billion USD in 24-hour volume, a 70.02 billion USD market capitalization and a rank of five.

Those figures describe a stablecoin rather than a conventional growth cryptocurrency. USDC is designed to maintain a one-to-one value with the US dollar. Circle states that the token is redeemable 1:1 for USD and backed by highly liquid cash and cash-equivalent assets. The issuer also says that monthly reserve attestations are published by a Big Four accounting firm.

Transaction activity accelerates

Circle’s third-quarter results, released on November 4 for the period ended September 30, showed a widening difference between usage and supply. Average USDC in circulation reached 73.3 billion USD, an 8 percent increase from the prior year. On-chain transaction volume, however, climbed 49 percent to 13.9 trillion USD.

Circle said USDC accounted for 79 percent of stablecoin transaction volume in the quarter, up from 66 percent a year earlier. The company also reported a record 208 billion USD in USDC minted and redeemed, representing a 42 percent year-over-year increase. These measures point to greater turnover and liquidity demand, but they do not by themselves demonstrate an equivalent increase in the amount of capital held in USDC.

Supply remains the key watchpoint

Quarter-end circulation was 73.9 billion USD, up 1 percent sequentially but broadly unchanged from a year earlier, according to Circle’s release. That distinction matters for investors evaluating the business model around the token: transaction activity can rise even while the balance base used in the ecosystem remains relatively stable.

Circle’s USDC information page says the token is natively issued on 38 blockchain networks and available in more than 185 countries. Such reach may support payment and settlement use, but the price data show that USDC’s defining feature remains stability: the USDC price was only marginally above its target when checked, rather than exhibiting the type of directional move associated with speculative crypto assets.

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