USDC Circulation Grew 78 % in 2024, But Still Lags Behind Tether: Group

Circle’s USD Coin ( USDC ) saw a major increase in circulation over the last year amid an evolving regulatory landscape.

According to a statement shared with by Circle, USDC liquidity grew 78 % year-over-year, reaching more than 500 million end-users worldwide. Regular transaction amount surpassed$ 1 trillion in November 2024, with full all-time transaction amount exceeding$ 20 trillion.

Circle emphasized that it adheres to Canada’s listing regulations in 2024 and the European Union’s Markets in Crypto Assets (MCA ) regulation. Tether ( USDT), the stablecoin market leader, has not been as proactive. Coinbase’s German activity delisted it, and the world’s best crypto change, Binance, announced a collaboration with Circle earlier this year.

After the$ 40 billion TerraUSD crash spooked markets, USDC almost pulled even with USDT’s market capitalization back in 2022. But it was only a short-lived small competition.

Over the last 30 days, USDT’s market cap fell from over$ 140 billion to little more than$ 137 billion —a decrease of about 2.15 %. USDC, on the other hand, saw its market cap grow from about$ 42 billion to its current value approaching$ 46 billion —an increase of over 9.5 %, according to CoinGecko.

According to the report, EURC, USDC’s euro equivalent, has reached more than$ 1 billion in weekly transfer volume as the European market continues to evolve. Circle’s key strategy officer and head of international policy, Dante Disparte, highlighted the importance of the fund’s rely on compliance.

According to him,” This improvement not only improves the stability of the stablecoin regulations but also ensures that digital currencies like USDC advance the development of international monetary inclusion.” A Circle spokesman told Decrypt that the company also worked with organizations like MoneyGram and Chipper Cash to make available on- and off-ramps for modern dollars, enabling users to easily transfer USDC into regional currencies.

Per the report, Circle’s USDC has bridged over$ 850 billion between fiat currencies and is now supported on 16 blockchains. Circle’s Cross-Chain Transfer Protocol, which supports transfers across multiple blockchain networks, has processed over$ 20 billion of USDC transactions.

Circle managers stress the importance of stablecoin in promoting economic opportunity and upholding regulatory requirements. They show USDC’s role as a bridge between traditional and digital banking and its potential to improve access to the internet-based economic system.

Looking to the future, the Circle director said that the company anticipates” considerable growth in areas such as global pay, crypto trade and finance, supplier payments, and point of sale adoption”. However,” the inclusion of cryptocurrencies into standard payment systems, such as Mastercard and Worldpay, may increase access to digital payments for businesses and consumers”.