Circle's 2025 Report: USDC Circulation Up 78% to $46B, Trails Tether's $137B, Serves 500M Users

Circle's 2025 State of the USDC Economy Report reveals that the circulation of USD Coin (USDC) grew by 78% year-over-year in 2024, outpacing other major global stablecoins.

Despite this growth, USDC still trails behind Tether (USDT), which saw its market capitalization decrease by about 2.15% to $137 billion over the last 30 days, while USDC's market cap increased by over 9.5% to approach $46 billion. The report highlights USDC's role in bridging over $850 billion between fiat currencies and its support on 16 blockchains.

Additionally, USDC's total all-time transaction volume has surpassed $20 trillion, with monthly transaction volumes reaching $1 trillion in November 2024. Circle's efforts in regulatory compliance, including adherence to the European Union's Markets in Crypto Assets (MiCA) regulation and Canada's listing rules, have been noted as key to fostering global economic inclusion through digital dollars.

USDC now serves more than 500 million end-users worldwide, and its euro equivalent, EURC, has reached more than $1 billion in weekly transfer volume. Circle's Cross-Chain Transfer Protocol has processed over $20 billion of USDC transactions across multiple blockchain networks.

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