Circle’s USDC Market Dominance Rises to 25% Amid Solana Demand
The adoption of digital assets and Web3 protocols has increased the use of fiat-backed stablecoins, particularly Tether’s USDT and Circle’s USDC. Recent reports indicate that USDC has gained significant traction, with average daily transactions rising over 119% since January 2024.
- A year ago, USDC had around 20.08% market dominance compared to USDT's 73.51%
- As of February 3, 2025, USDT dominates at 65.40%, while USDC’s share is 25.5%
- USDC has a fully diluted valuation exceeding $54 billion and a daily trading volume of over $19.4 billion
- Circle has formed numerous partnerships with financial institutions since 2018
Growth on Solana Network
USDC has seen increased adoption in the U.S., especially on the Solana network, which supports liquidity management in DeFi. In January 2025, Circle minted about $6 billion worth of USDC on Solana.
- The Solana network's stablecoin market cap has risen from approximately $2.2 billion to over $11.7 billion in a year
- The U.S. federal government is providing regulatory clarity, positioning USDC for future growth