Last year, USD Coin's supply increased by 78% to $43,9 billion compared to 2023, outpacing the growth of all other stablecoins, according to Circle's third annual report.
USDC's growth in 2024 can be attributed to a combination of factors: increased regulatory transparency in major markets, scalability of the blockchain infrastructure, and our ongoing work on trust, transparency, and utility, a Circle spokesperson said.
USDC Market Cap Since 2019
Compared to USDC, the market capitalization of its main competitor USDT is Tether in 2024, it grew more modestly by about 50%, from $91,7 billion at the end of 2023 to $137,5 billion by the end of 2024.
USDC's market cap gain in 2024 follows a sharp decline the year before. The stablecoin's value fell 45% after the collapse of Silicon Valley Bank. Circle was unable to withdraw $40 billion of its USDC reserves from the bank, a problem that led to a sell-off in the stablecoin.
Despite last year's optimistic performance, USDC's market cap is still 22% below its peak of $55,9 billion in June 2022.
