USDC Supply Reaches $60 Billion, Doubling in a Year and Outpacing Tether Growth

The supply of USD Coin (USDC), a stablecoin issued by Circle, has reached a record high, surpassing a $60 billion market capitalization. This milestone represents a doubling of its supply from $30 billion in March 2024 and exceeds its previous high of $55 billion recorded in 2022.

USDC now holds a 25.4% share of the stablecoin market, up from 20.7% three months ago, but remains behind Tether (USDT), which dominates with a $144 billion market cap and a 63% market share. The stablecoin sector as a whole has grown to $234.6 billion. USDC's growth has been supported by increased adoption and compliance with European MiCA regulations, which have led to delistings of Tether from several European exchanges.

Circle, the issuer of USDC, is reportedly considering an initial public offering (IPO) amid growing demand for stablecoins. Over the past three months, $16.5 billion worth of new USDC has been minted, significantly outpacing the $4.7 billion increase in USDT supply during the same period.

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