- USDC’s supply doubled in a year, reaching $60B, with Solana driving major adoption.
- USDC outpaced USDT’s growth by $11.9B in three months but still trails in total market cap.
- Stablecoins exceed the $230B market cap, with financial firms launching new competitors like PYUSD and USD1.
Circle’s USD Coin (USDC) has reached a market capitalization of over $60 billion for the first time, setting a new all-time record. This is about a 100 percent rise from its $30 billion market capitalization in March last year.
According to CoinMarketCap data, the overall stablecoin market capitalization also reached a new high above $230 billion. Tether (USDT), however, still holds the crown in terms of market cap at $144 billion, followed by USDC, which remains the second-biggest stablecoin.
USDC Growth Outpaces USDT Over the Last Three Months
In the last three months, USDC’s supply has risen by $16.3 billion, whereas USDT’s supply has expanded by just $4.4 billion, as reported by Artemis Analytics. This swift expansion has prompted inquiries into whether USDC might one day rival USDT’s superiority in the stablecoin sector.
Much of USDC’s expansion has been driven by increased issuance on Solana. Recent data from DefiLama shows that USDC accounts for nearly 80% of Solana’s total stablecoin market cap, which now exceeds $12 billion.
Circle Expands USDC Issuance Across Multiple Blockchains
The majority of USDC supply is held on Ethereum, with over $36 billion in circulation. Solana follows with $10 billion, while other blockchain networks, including Base ($3.8 billion), Hyperliquid ($2.2 billion), Arbitrum ($1.8 billion), and Berachain ($1 billion), also host a portion of USDC’s supply.
Circle has been actively expanding USDC’s presence on various networks. The company recently announced the official launch of USDC in Japan through a partnership with SBI VC Trade. Additionally, it plans to transition bridged USDC on Ethereum’s Layer 2 network, Linea, to a natively issued version—an industry-first initiative.
Stablecoins Gain Market Share Amid Regulatory Developments
The stablecoin sector has been growing rapidly, with governments providing increased regulatory clarity on their use. Last year, stablecoin transaction volumes exceeded those of Visa and Mastercard combined by nearly 8%, according to a Stablecoin Landscape report by CEX.io. During the same period, stablecoin supply increased by 59%, surpassing $200 billion.
Several financial and crypto service providers have also entered the stablecoin market. PayPal launched PYUSD, while Ripple introduced RLUSD. Most recently, World Liberty Financial Inc. deployed USD1, a stablecoin backed by U.S. Treasuries and cash deposits, on Ethereum and Binance Smart Chain.
With USDC growing at a faster rate than USDT, market observers are now questioning whether it could eventually surpass Tether. However, USDT still holds a commanding lead in market cap, and it remains to be seen how competition between the two stablecoins will evolve in the coming months.
