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The USD Coin (USDC) stablecoin from Circle emerged as the leader in market capitalization growth among stablecoins in 2024, although it has yet to return to its peak levels from 2022.
Circle announced a 78% increase in USDC market capitalization in 2024, reaching $44 billion. This annual growth rate surpassed that of all other global stablecoins. The total transaction volume for the year exceeded $18 trillion.
The report emphasizes that USDC’s use cases broadened in 2024, spanning from crypto capital markets to dollar store of value and payment applications, which are gaining popularity worldwide. The stablecoin is now accessible in over 180 countries, catering to approximately 1.5 billion individuals with limited or no access to traditional banking services.
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At its highest point in June 2022, USDC’s market cap hit $55.9 billion. However, it fell by more than 45% following the collapse of Silicon Valley Bank in 2023, where USDC reserves valued at about $40 billion were frozen. This resulted in a temporary depegging of USDC from the dollar and prompted a sell-off among holders. Currently, its market cap remains 22% below its peak value.
The report indicates that USDC’s growth was fueled by increasing regulatory clarity for digital assets globally. Notably, in July 2024, Circle became the first stablecoin issuer to obtain MiCA licensing in the European Union. Key USDC markets include regions with high remittance activity, such as Latin America, Africa, and Southeast Asia, where stablecoins provide faster and more cost-effective transactions compared to traditional payment methods.
Current trends are leading major traditional banks to also enter the stablecoin market and plan to expand their presence in this sector in 2025.
Сообщение USDC Leads in Market Cap Progress in 2024 появились сначала на CoinsPaid Media.
