USD Coin (USDC) supply has surpassed a $60 billion market cap, reaching a new record.
The total stablecoin market capitalization also reached a new high, exceeding $230 billion.
USDC’s supply hitting $60 billion signifies increasing user adoption.
On Wednesday, USDC supply reached 60.2 billion, a 100% increase from $30 billion in March 2023.
The total stablecoin market cap now exceeds $230 billion, also an all-time high.
USDC: Second Largest Stablecoin
USDC is a stablecoin pegged to the U.S. dollar. Circle issues USDC, supported by a consortium including Coinbase.
USDC is the second-largest stablecoin, after Tether’s USDT, which has a market cap of over $144 billion.
USDC’s supply spans multiple blockchains. Ethereum holds the largest share at over $36 billion, with Solana holding $3.8 billion, Hyperliquid $1.8 billion, and Berachain at $1 billion.
Solana Blockchain Sees Significant USDC Minting
In the first quarter of this year, Circle minted substantial USDC amounts on Solana, notably in $250 million tranches.
By March 20, USDC issuance on Solana surpassed $10 billion.
Circle is working to broaden USDC’s accessibility and improve its infrastructure.
Circle Expands USDC Reach and Infrastructure
This month, USDC officially launched in Japan through a partnership with SBI VC Trade.
Circle also plans to upgrade bridged USDC on Ethereum Layer 2 Linea to natively issued USDC, an industry first for bridged-to-native transitions.
Furthermore, Circle released an upgraded cross-chain transfer protocol (CCTP v2) on Avalanche, Base, and Ethereum.
Support for Linea, Arbitrum, and Solana is planned. This upgrade reduces USDC transfer times between blockchains from minutes to seconds.
Also Read: Orderly Network to Expansion into Avalanche
