According to the report, USDC supply has increased from a low of US$24.4 billion in early 2024 to US$43.9 billion on January 1, 2025. This growth contrasts with 2023, when stablecoins fell 45% to US$33.2 billion following the collapse of Silicon Valley Bank (SVB).
The Santa Clara-based financial institution held about US$3.3 billion of Circle's cash reserves. Its collapse triggered a massive sell-off, leading to a short-term drop in the value of the U. S. dollar.
To date, this virtual asset operates on 16 blockchains and allows for the transfer of more than $850 billion in fiat currency. Additionally, in November 2024, monthly transaction volume surpassed the US$1 trillion mark, bringing the total historical transaction volume to more than US$18 trillion. Dante Disparte, chief strategy officer
Circle, attributes USDC's recent success to the company's active engagement with regulators. For example, the company became the first steblecoin issuer to be licensed under the European Union's Markets in Cryptoassets (MiCA) program.
Boston-based Circle also meets the strict criteria for VRCA listing in Canada. It is one of the few
#cryptocurrency companies to do so. These requirements forced several companies, including Kraken,
#Bitstamp and Bybit, to cease operations in the country.
However, not everything went smoothly for the organization. Late last year, Circle was reportedly forced to cut its staff by over 6% after what it called a normal operating estimate.
Furthermore, despite the growth recorded last year, the
#USDC is still lagging behind the
#USDT . The number one stablecoin ended 2024 with a market capitalization of $137.5 billion. This amount is equivalent to 66% of the entire stackcoin sector, which is valued at around $208 billion USD.
Furthermore, since 2021, the value of USDT has increased by more than 74% and USDC by 8.8%. According to CoinGecko data, in 2021, Tether was worth $78.3 billion and USDC, which is now called USD Coin, was worth $42 billion. USD Coin was worth $ 42 billion.
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