More than $197 billion was transferred last year between blockchain and conventional financial systems by the firm.
The Circle report, “State of the USDC Economy,” goes into detail about the stablecoin’s development and growth since its launch in 2018.
The 23-page research states that there has been a 59% increase in wallets holding more than $10 in USDC in the last year. Additionally, by the end of November 2023, the organization will have processed 595 million transactions.
“First impressions are hard to shake,” Circle adds, referring to stablecoins as a tool for leveraged speculation. The amount of crypto traded every day has shifted throughout 2019, but for every dollar of non-USDC stablecoins, around $5 was supported.
The firm asserts that stablecoin speculation is on the decline, with USDC’s leverage falling by over 90% since 2019. Additionally, since its launch, $12 trillion worth of value has been transferred using its main coin.
The research continues by highlighting a large number of use examples and collaborations in both developing and emerging markets. These include relief groups such as the International Rescue Committee and a global HR platform called Deel.
Circle highlights its collaboration with BlackRock, the world’s biggest investment company, which oversees the majority of USDC reserves, and stresses growth across all of its measures. However, since early March 2023, USDC’s market value has been falling rapidly.
The stablecoin’s market value peaked in June 2022 at $56B and bottomed out in mid-November 2023 at a little over $24B, its lowest point in two years. The data from Coingecko shows a decrease of over 60%.
But the digital dollar has made a comeback in the last several months, increasing its market valuation by just over $1 billion. After USDT, the market leader in stablecoins, by around $70 billion, it comes in at number seven among all digital assets.
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