What Drives Stablecoin Supply Growth?

Key points

• Coin Metrics reports USDC and USDT supply grew past $255B in 2025, but neither has exceeded 10% month-over-month supply growth in 2026.
• Lagged regression over four years found perp funding rates, competitor supply, crypto market cap and 2-year yield changes significant at the 5% level.
• Adding carry spread added explanatory power only for USDC, which the report links to USDC's DeFi-native collateral role; models explain under 25% of variance.

AI summary of Coin Metrics’s report, written only from the publisher’s text. Read the original for full context.