USDC supply crosses $50 billion market cap for the first time since 2022

來源 Cryptopolitan

The market cap for Circle USDC stablecoin has surpassed $50 billion, continuing its rapid growth from last year. According to data from Defillama, USDC now has a circulating supply of $51 billion after seeing more than 11% growth in the past seven days.

The stablecoin’s massive growth this year only continues a positive trend for 2024 when it outperformed all its competitors, including Tether USDT, in market cap growth. Per Circle’s Shaping the Future of Money Report, USDC circulating supply grew by 78% year over year in 2024.

Despite this growth, USDC remains below its all-time high market cap of $55.9 billion from June 2022. However, the steady increase in its supply means it is back to challenging Tether USDT after the struggles of 2023.

USDC was one of the major victims of the banking collapse in 2023 when Circle faced challenges withdrawing some of USDC’s reserves from Silicon Valley Bank. The incident caused USDC to briefly depeg from the US dollar, leading to a massive sell-off by several holders who opted for USDT.

Interestingly, USDT also recorded around 50% growth in its market cap, going from $91.7 billion to $137.5 billion between 2023 and 2024. The leading stablecoin has seen its market cap grow by over 550% since 2020, while USDC has recorded more than 1,100% growth.

Tether troubles, regulatory clarity, and other factors driving USDC growth

Meanwhile, the resurgence of  USDC has already led to a shrinking in USDT stablecoin dominance. According to Defillama, USDT currently dominates the market at 64.88%. While that is still substantial, it significantly dropped from the 70% dominance a few months ago.

Many factors have contributed to USDC’s growth over the past year, but regulatory clarity is a major driving force. With the US now having a pro-crypto president, Donald Trump, there is a strong sentiment that crypto will see some regulatory clarity, and stablecoins will most likely be one of the first subsectors to be regulated.

USDC, with its domicile in the US, appears to have some advantage over USDT on this front, with many preferring it for this reason. Its more regulatory-compliant feature has made it attractive in regions with stablecoin regulations.

For example, Circle became the stablecoin issuer to be licensed under the Markets in Crypto Assets (MiCA) regulation in the European Union. Tether USDT is facing the risk of exiting the European market due to its inability to comply with MiCA.

As for USDT, concerns about its regulatory compliance have only grown stronger in recent months, leading some of its major partners to consider possibly dropping it. For instance, Coinbase CEO Brian Armstrong has said that the exchange could delist USDT if the stablecoin law requires that.

The world’s largest crypto exchange, Binance, also partnered with Circle to increase the use cases of USDC on the exchange through more trading pairs and other promotions. Many stakeholders in the crypto market believe that the partnership was to challenge Tether’s hegemony.

Meanwhile, Tether has also faced renewed scrutiny over its reserves, with multiple accounts on X questioning whether it has enough backing for USDT. This has caused USDT circulating supply to decline slightly over the past month, leaving the stablecoin slightly off-peg.

Nevertheless, Both Tether and Circle continue to expand their products. Tether recently launched USDTO on Kraken’s Ink network and has been diversifying its services with a focus on commodities and AI. On its part, Circle also acquired Hashnote and USYC Tokenized Money Market Fund while partnering with trading firm DRW.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

免責聲明:僅供參考。 過去的表現並不預示未來的結果。
placeholder
美國1月非農數據今晚揭曉,比特幣重返10萬美元?TradingKey - 比特幣價格繼續圍繞在9.7萬美元附近震蕩,今晚即將公佈的非農數據或引發比特幣反彈。週五(2月7日),比特幣價格繼續震蕩,維持在9.7萬美元附近小幅上下波動,加密市場變得異常冷淡。然而,美國1月非農就業數據今晚21:30公佈,大概率會打破這種震蕩行情,引發劇烈的波動。【比特幣價格走勢圖,來源:TradingView】當前,市場普遍預期非農業就業成長為17萬人,遠低於去年12
作者  TradingKey
10 小時前
TradingKey - 比特幣價格繼續圍繞在9.7萬美元附近震蕩,今晚即將公佈的非農數據或引發比特幣反彈。週五(2月7日),比特幣價格繼續震蕩,維持在9.7萬美元附近小幅上下波動,加密市場變得異常冷淡。然而,美國1月非農就業數據今晚21:30公佈,大概率會打破這種震蕩行情,引發劇烈的波動。【比特幣價格走勢圖,來源:TradingView】當前,市場普遍預期非農業就業成長為17萬人,遠低於去年12
placeholder
【今日市場前瞻】美1月非農報告來襲!中國央行連續三個月增持黃金1月非農就業報告來襲!歴史性修訂成關註焦點;中國央行連續第三個月增持黃金,金價上漲;日幣匯率一度升破151!關注石破茂與川普會晤結果>>
作者  Alison Ho
11 小時前
1月非農就業報告來襲!歴史性修訂成關註焦點;中國央行連續第三個月增持黃金,金價上漲;日幣匯率一度升破151!關注石破茂與川普會晤結果>>
placeholder
淨利潤翻倍但股價狂瀉,亞馬遜Q4財報「罪不至此」?TradingKey - 美國科技巨頭亞馬遜Amazon(AMZN.US)於2月7日週四盤後公佈了喜憂參半的2024年第四季業績。營收和盈利超預期,但財測遜色、資本支出飆高,重挫盤後股價一度跌逾7%。亞馬遜這份成績單亮點不少,比如削減成本措施奏效、淨利潤幾乎翻倍增長、雲端運算部門連續三個季度保持19%的增長率、電子商務業務在假日季表現強勁等。然而,投資人尤其關註的AI增長前景和資本支出令人唏噓:一
作者  TradingKey
11 小時前
TradingKey - 美國科技巨頭亞馬遜Amazon(AMZN.US)於2月7日週四盤後公佈了喜憂參半的2024年第四季業績。營收和盈利超預期,但財測遜色、資本支出飆高,重挫盤後股價一度跌逾7%。亞馬遜這份成績單亮點不少,比如削減成本措施奏效、淨利潤幾乎翻倍增長、雲端運算部門連續三個季度保持19%的增長率、電子商務業務在假日季表現強勁等。然而,投資人尤其關註的AI增長前景和資本支出令人唏噓:一
placeholder
中國剛剛給黃金帶來一則好消息!非農來襲 FXStreet高級分析師最新金價交易分析24K99訊 週五(2月7日)歐市早盤,現貨黃金維持日內反彈走勢,目前金價位於2863美元/盎司附近。FXStreet高級分析師Dhwani Mehta撰文,對金價技術走勢進行分析。
作者  FX168
11 小時前
24K99訊 週五(2月7日)歐市早盤,現貨黃金維持日內反彈走勢,目前金價位於2863美元/盎司附近。FXStreet高級分析師Dhwani Mehta撰文,對金價技術走勢進行分析。
placeholder
日本首相石破茂與川普會面!日幣匯率和日股將迎大波動?石破茂將向川普解釋,日本並沒有為了擴大貿易順差而積極維持貨幣疲軟。
作者  Tony Chou
12 小時前
石破茂將向川普解釋,日本並沒有為了擴大貿易順差而積極維持貨幣疲軟。
goTop
quote