Arc Stablecoin Market Capitalization Rises $155 Million in a Week

Stablecoin market capitalization on Arc increased by about $155 million in seven days to $670.74 million in figures viewed at 11:09 p.m. ET Oct. 19 (03:09 UTC Oct. 20), extending growth on Circle’s network.

USD Coin (USDC) accounted for $661.54 million, or 98.63% of the total. Arc’s total stablecoin market capitalization was 30.05% higher than seven days earlier. It represents the combined market value of stablecoins on Arc, rather than funds held in a single wallet.

Over the prior 30 days, Arc added $509.2 million to its stablecoin market capitalization, a period covered in an earlier account of Arc’s monthly gain. The weekly and monthly figures use different time windows and should not be added together.

The rise on Arc does not establish an equivalent increase in the overall stablecoin market. Tokens may be issued on Arc or transferred there from other networks. The market-capitalization figure also does not show how many people use the network or who holds the tokens.

Circle opened Arc’s public mainnet on Sept. 16. The network was designed around stablecoin payments, and its transaction fees are payable in USDC. That setup helps explain the token’s large share of the stablecoin total, but the market-capitalization reading alone does not show how the funds are being used.

Earlier activity measurements covered Arc’s first four weeks, through Oct. 14. They counted 406,006 active wallets on launch day, compared with a fourth-week daily average of 24,678, a decline of 94%. Wallets are not a count of individual people, and those figures do not measure activity on Oct. 19.

A mid-October reading found that 24 addresses held 92% of about $604 million in Arc USDC. That snapshot predates the latest weekly increase and does not identify who received it. The concentration across addresses and the decline in earlier wallet activity describe different aspects of the network; neither establishes how the latest increase was distributed or used.