USDC Stablecoin Surpasses $56.3 Billion
Date: 2025-02-12 Author: Henry Casey Categories: CRYPTO PAYMENTS
Back in June 2022, the market value of USDC reached its previous maximum of $55.9 billion. However, further events, including the collapse of the FTX crypto exchange and the subsequent wave of bankruptcies of related companies, caused a sharp decline in the capitalization of this stablecoin.
In March 2023, USDC faced a new test: the bankruptcy of several commercial banks in the United States, where Circle kept part of its reserves, led to a decrease in capitalization to $24 billion. This period was another blow to the stability of the digital asset.
Today, USDC capitalization is growing thanks to Circle's active expansion into various blockchains, such as Sui and Aptos. In January, the company issued an additional $6 billion worth of USDC stablecoins on the Solana network. In addition, Circle received an Electronic Money Institution (EMI) license in the European Union, which allowed it to operate in accordance with the new MiCA.
According to DefiLlama, the share of USDC among stablecoins has increased from 19.4% to 25% over the past year. According to Circle's report for Decrypt, USDC turnover has grown by 78% in 2024, and the number of token users has exceeded 500 million worldwide. Despite the impressive growth, Tether (USDT) remains the market leader, holding 63% of the share with a market cap of $141.9 billion.
