USDC circulation provides one of the simplest measures of how much dollar-denominated liquidity is sitting inside the digital-asset ecosystem. Continued growth from the current $73.3 billion would support the case that stablecoin adoption is still expanding.

Transaction volume can provide another signal. USDC’s 151% year-on-year increase in second-quarter activity shows adoption is growing much faster than circulation itself, suggesting each dollar of stablecoin supply is being used more frequently.

Institutional integrations are also worth following. More banks, payment networks, or asset managers adopting stablecoin settlement would strengthen the connection between traditional finance and blockchain markets.

For Bitcoin and Ethereum…