The stablecoin supply volume in the first quarter of 2026 will reach $320 billion, with trading volume accounting for 75% of the total cryptocurrency trading volume. In the first quarter of 2026, the total stablecoin supply reached approximately $320 billion, setting a historical high. During the same period, the total trading volume exceeded $28 trillion, accounting for 75% of the total cryptocurrency trading volume — the highest level ever recorded. During the quarter, the USDC supply increased by approximately $2 billion, while the USDT supply decreased by about $3 billion. This is the first noticeable divergence between the two largest stablecoins since 2022; the share of trades executed by automated programs rose to 76%, while retail transfers decreased by 16%. On the global regulatory front: in the US, the GENIUS bill was officially passed on July 7, 2025; in the EU, the MiCA regulation fully came into force and will be enforced for stablecoin provisions starting June 30, 2026; the Hong Kong Monetary Authority ((HKMA)) is advancing the issuance of the first stablecoin licenses.