USD Coin (USDC) has reached a new all-time high, surpassing a market capitalization of 60 billion dollars, significantly outpacing its main rival Tether (USDT).
USDC's New Milestone
Over the past three months, USDC has significantly increased its supply by 16.3 billion, while USDT's supply grew by just 4.4 billion, according to data from Artemis Analytics.
Solana's Role in USDC Growth
A key driver for USDC's surge has been the growing stablecoin activity on the Solana network. The total value of stablecoins on Solana recently surpassed 10 billion for the first time, primarily fueled by Circle’s issuance of USDC.
Overall Stablecoin Market Growth
The broader stablecoin market has been experiencing remarkable growth in 2024. According to the Stablecoin Landscape report by CEX.io, stablecoin transaction volumes have surpassed the combined total of Visa and Mastercard by nearly 8%. Over the same period, the total stablecoin supply surged by 59%, exceeding 200 billion.
The growth of stablecoins like USDC reflects the ongoing integration of digital currencies into the global financial system.
