In 2024, USDC circulation increased tremendously, with a 78% rise year-over-year. The rise indicates an increase in adoption and use cases.
USDC, the second-largest stablecoin by market capitalization, recorded a major rise in circulation in 2024. According to a report from USDC issuer Circle Internet Group, the dollar-backed stablecoin recorded an impressive 78% jump in year-over-year circulation.
Circle announced that this increase surpassed the growth of all other major stablecoins in the period. As part of the firm’s third annual State of the USDC Economy Report, Circle highlights several factors, including a rise in the stablecoin’s adoption and an increase in use cases. According to Circle CEO and co-founder Jeremy Allaire:
“This year’s report charts USDC’s evolution into a platform for global prosperity. USDC has become a crucial bridge between traditional and digital finance, enabling real-time, low-cost value exchange that expands economic opportunity on a global scale.”
Allaire also added that businesses of varying sizes are designing products and services that align with Circle’s technology to contribute to stronger and faster adoption of USDC $1.00 24h volatility: 0.0% Market cap: $45.70 B Vol. 24h: $6.85 B .
Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, suggested in the press release that a gradual clarity of crypto and stablecoin regulations indicating trust, financial integrity, and transparency is a factor in USDC’s favor and will benefit other stablecoins. Regarding regulation, Circle says it is the first major global stablecoin issuer to comply with the European Union’s Markets in Crypto Assets (MiCA) regulation. The MiCA regulation was implemented on December 30 and will shape the usage and adoption of cryptocurrencies for retail and institutional users in the European Union member states.
Circle has also said it is the first stablecoin issuer to meet new listing rules implemented by Canadian authorities, including the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) with their stipulated Value-Referenced Crypto Asset (VRCAs) requirements. Outside of Canada, Circle also operates with licenses in several other countries, including the US, France, and Singapore.
Circle’s press release also contains a few other highlights of the stablecoin’s momentum. For instance, USDC hit a heavy $1 trillion in monthly transaction volume last November, with the stablecoin’s all-time transaction volume over $20 trillion. In addition, USDC is available in more than 180 countries, catering to the unbanked and underbanked people in these jurisdictions.
Also, more than 500 million end-users can enjoy USDC through various apps and digital wallets, contributing to the more than $850 billion that Circle has helped bridge between fiat and multiple blockchains since 2018. Circle enables the easy flow of funds for global financial institutions, including banks, payment providers, and other businessehttps://www.coinspeaker.com/circle-binance-partner-boost-usdc-adoption/s, all the way to the end user. So far, major financial giants with USDC case studies include MoneyGram, Stripe, Standard Chartered, and Mastercard.
Ahead of President Trump’s inauguration, Circle contributed 1 million USDC to Trump’s Inaugural Committee. According to an X post from Allaire, “The fact that the Committee took payment in USDC is an indicator of how far we have come, and the potential and power of digital dollars.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
USDC News, Altcoin News, Cryptocurrency News, News
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
