Summary
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USDC Achieves All-Time High Market Cap: Circle’s stablecoin, USDC, has surpassed $60 billion in market capitalization, marking a record peak and highlighting its increasing adoption in the digital asset space.
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100% Year-Over-Year Growth Fuels USDC Surge: USDC’s current supply of 60.2 billion represents a doubling from $30 billion in March of the previous year, showcasing significant growth in just twelve months.
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Stablecoin Market Boom: USDC’s milestone contributes to an overall surge in the stablecoin market, which has collectively exceeded $230 billion in total market capitalization, indicating robust expansion across the sector.
The supply of the stablecoin USDC has reached an unprecedented level, exceeding a market capitalization of $60 billion for the first time.
USD Coin (USDC), issued by Circle, has achieved a new milestone by exceeding a $60 billion market capitalization, marking a historic peak.
In parallel, the cumulative market capitalization of all stablecoins has also surged to record levels, now surpassing $230 billion.
USDC’s Market Cap Reaches Unprecedented Heights
Passing the $60 billion market cap threshold, the circulating supply of USD Coin highlights its increasing acceptance and utilization in the digital asset space.
This past Wednesday, the circulating supply of the stablecoin achieved a record peak of 60.2 billion units, marking a substantial 100% increase year-over-year from $30 billion in March 2023.
Simultaneously, the aggregated market capitalization for the entire stablecoin sector has also climbed to unprecedented heights, exceeding $230 billion.
Stablecoin Sector Surges Beyond $230 Billion
USDC is engineered to maintain a 1:1 value with the U.S. dollar. Circle is responsible for issuing USDC, and its operations are supported by a consortium that notably includes Coinbase.
Despite this growth, USDC continues to hold the position of the second-largest stablecoin, positioned behind Tether‘s USDT, which currently boasts a market capitalization exceeding $144 billion.
USDC: Second Largest Stablecoin with Expanding Blockchain Footprint
The USDC supply is distributed across a variety of blockchain networks, with Ethereum holding the most significant share at over $36 billion, followed by a considerable $10 billion presence on Solana.
Further blockchain networks supporting USDC include Base, with $3.8 billion; Hyperliquid, with $2.2 billion; Arbitrum, accounting for $1.8 billion; and Berachain, with $1 billion in supply.
Solana Blockchain Drives Significant USDC Growth
During the initial quarter of the year, Circle significantly increased USDC issuance on the Solana blockchain, notably through multiple issuances each valued at 250 million units.
By March 20th, the total USDC issued specifically on the Solana network had already exceeded $10 billion.
Concurrently, Circle has been actively pursuing initiatives to broaden the accessibility of USDC and to enhance the underlying infrastructure.
This month saw Circle announce the official introduction of USDC to the Japanese market, facilitated through a strategic collaboration with SBI VC Trade.
Additionally, the company disclosed plans to upgrade the currently bridged USDC on Linea, an Ethereum Layer 2 blockchain, to natively issued USDC.
This represents a pioneering move in the industry: the first instance of a transition from bridged to natively issued stablecoins.
Moreover, an improved iteration of their cross-chain transfer protocol (CCTP v2) was launched on Avalanche, Base, and Ethereum.
The expansion of this upgraded support to Linea, Arbitrum, and Solana is anticipated shortly.
This advancement in the protocol significantly reduces the time required to transfer USDC between different blockchains, decreasing processing times from several minutes to just seconds.
Also Read: Circle Internet Financial Completes the Acquisition of Hashnote to Expand USDC
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