Jeremy Allaire: The core moat of USDC comes from network effects and liquidity advantages

Circle CEO Jeremy Allaire stated that the stablecoin market is a platform based business driven by strong network effects, and USDC's moat stems from the application and developer ecosystem, global liquidity depth, and integration with regulatory systems in various countries. USDC has been connected to thousands of service providers and has become one of the three most liquid digital assets in the world. In Q1 of 2026, the trading volume of USDC on the blockchain will approach $30 trillion, accounting for about 80% of the trading volume of USD stablecoins, USDT will account for about 20%, and the total of other stablecoins will be less than 0.5%.