Crypto Rally Signals a Shift in Stablecoin Growth: USDT Gains Ground as USDC Slows

TL;DR: The Coin Metrics study covered four years of weekly observations to evaluate the relationship between market returns and token issuance. Statistical models explain 13% of the weekly variation in USDC supply and 16% in USDT supply. The annual supply rate for USDC on Aave v3 stood at 11.5% as of midnight UTC on October 19, 2026, compared to 3.1% recorded for USDT. So far in October, cryptocurrency markets have seen a rally, reflecting a structural divergence in stablecoin growth marked by an acceleration in USDT and a deceleration in USDC . According to Coin Metrics, positive returns in assets outside the stablecoin segment precede opposing behaviors between the two major issuers.

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