In Q1 2026, stablecoin supply reached $315 billion, according to a report by CEX.io. At the same time, the increase versus the previous period was modest — $8 billion — due to the broader downturn in the crypto market. This is the weakest quarterly increase since Q4 2023. The figure also sharply contrasts with Q3 2025, when supply rose by $45.7 billion, driven by regulatory changes and growing institutional adoption.
USDC reserves on centralized crypto exchange balances rose by 12%, while USDT's fell by 12%. Circle's stablecoin also posted growth across other metrics. Its organic volume increased by 59%, while USDT's fell by 17%. For the first time since 2019, USDC overtook its competitor on this metric.
According to DeFiLlama, from January 1 to March 31, 2026, stablecoin supply increased by $8.05 billion. As of April 3, 2026, the figure stands at $316.8 billion. Overall, Q1 2026 is being likened to the 2022 bear market.
