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January 2026 marked a watershed moment for stablecoins, with total on-chain transaction volume surpassing $10 trillion in a single month. USDC dominated that surge, processing more than $8.4 trillion in payments, far outpacing rivals and exceeding the combined monthly payment volumes of Visa and Mastercard.
Yet despite this explosive growth, Circle, the issuer of USDC, continues to face a sharp disconnect between on-chain reality and market valuation.
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