Circle’s USDC Market Share Reaches 30% Amid Supply Surge
Hyperliquid plans to launch its own stablecoin, aiming to decrease reliance on Circle's USDC.
- USDC supply has reached $72.5 billion, exceeding Wall Street broker Bernstein's 2025 estimate of $74 billion.
- Market share of USDC relative to Tether's USDT increased to 30%, up from 28% in Q2.
- Currently, $5.5 billion in USDC is used as collateral on Hyperliquid.
- Analysts indicate that establishing liquidity for a new stablecoin in derivatives markets will be challenging.
- Bernstein predicts new stablecoin entrants following the GENIUS Act, despite liquidity concerns.
- Rate cuts could enhance demand for USDC and related yield strategies.
- Bernstein maintains an outperform rating on Circle shares with a price target of $230; shares were around $116 at publication.