Circle: USDC Accounts for 79% of Stablecoin Volume, CPN Annualized Payments Top $58B

Cointime reports: USDC accounted for 79% of total stablecoin transaction volume in the third quarter, up from 66% a year earlier, Circle said on its earnings call. On-chain USDC volume reached $13.9 trillion, up 49% year over year, while quarterly minting and redemption hit a record $208 billion. The CPN payment network’s annualized volume was $41 billion at quarter-end, roughly 15 times higher year over year, and has since surpassed $58 billion with 205 financial institutions onboarded.