# Stablecoin supply barely grows in 2026 even as on-chain payment volume climbs

Circle reported a 49% rise in USDC on-chain volume to $13.9 trillion in the third quarter, while its reserve income fell 8% as yields dropped.

- Published: 2026-11-09T05:43:40.268Z
- Canonical: https://polylog.news/crypto/2026-11-09/stablecoin-supply-barely-grows-in-2026-even-as-on-chain-paym
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/business/2026/11/08/stablecoin-growth-has-stalled-the-payments-boom-hasn-t), [CoinDesk (Circle data)](https://www.coindesk.com/earnings/crcl-q3-2026-data), [Blockonomi](https://blockonomi.com/circle-crcl-stock-rises-as-q3-revenue-hits-865m-and-usdc-circulation-reaches-73-3b/), [Coingabbar](https://www.coingabbar.com/en/circle-q3-earnings-865m-revenue-arc-mainnet-tazapay-deal)

Stablecoin supply has barely grown this year, even as payments made with the tokens have risen sharply, CoinDesk wrote, citing Circle's latest earnings as an example of the gap between the dollars outstanding and the activity on blockchain…

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