Circle’s USDC Market Cap Reaches $56.3 Billion Following Market Recovery
As of February 10, Circle's stablecoin USDC reached a market capitalization of $56.3 billion, recovering from a dip to $24.1 billion in November 2023. This recovery occurred amid a broader market downturn that saw Bitcoin drop from $109,000 to $97,559.
Key Points on USDC Growth
- USDC’s market cap increase attributed to integration into Aptos network and expansion into Solana.
- The stablecoin market overall reached $211 billion, with USDC gaining market share from 20% to 25.5%.
- Circle minted an additional $250 million USDC on Solana this January, totaling $5 billion minted on the blockchain since the year's start.
- Year-over-year circulation growth of USDC stood at 78%, surpassing other stablecoins.
- Total transaction volume for USDC hit $20 trillion in 2024, averaging $1 trillion monthly in November.
- Circle has facilitated over $850 billion in transactions between fiat and supported blockchains since 2018.
Despite Tether's USDT leading the stablecoin market, USDC is gaining traction, especially in the US after Circle moved its headquarters to El Salvador.