Circle, a leading U.S. fintech company, has published the 2025 State of the USDC Economy Report, noting significant achievements in trading volumes, user numbers, service integration, and regulatory compliance.
USDC Growth in 2024
In 2024, the aggregate transaction volume for the USDC stablecoin exceeded $20 trillion equivalent. Only in November, amid a surge in crypto markets, USDC processed $1 trillion within 30 days. Over the past year, USDC circulation grew by 78%, making it the fastest-growing major stablecoin in the crypto market. It is now the second USD-pegged asset by market cap and the seventh-largest altcoin. Its capitalization exceeds $45 billion, while its largest competitor, Tether’s USDT, has a $137 billion cap.
Expanding Availability and Network
USDC is now available to 500 million end users and cryptocurrency applications in more than 180 countries and territories worldwide. The Cross-Chain Transfer Protocol (CCTP) has facilitated over $20 billion in USDC transfers across supported L1 and L2 blockchains. As of the press time, USDC is issued on 16 networks, including Algorand, Arbitrum, Avalanche, Base, Celo, Ethereum, Hedera, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Solana, Stellar, Sui, and ZKsync, with more minting agreements underway. As mentioned in the report, USDC is seamlessly available in major centralized and decentralized fintech applications, including Coinbase, Moneygram, Stripe, dYdX, Nubank, and others.
Regulatory Compliance of USDC
2024 also brought a number of regulatory compliance milestones to USDC. Amid increased regulatory hostility, the stablecoin became regulatory-compliant in the EU and Canada. Circle is the first major global stablecoin issuer to comply with the EU’s MiCA framework and the first stablecoin issuer to meet Canada’s listing rules. As previously covered by U.Today, another heavyweight U.S. fintech, Ripple, issued its stablecoin, Ripple USD (RLUSD), in December 2024. The release of RLUSD is approved by the N.Y. Department of Financial Services.
Circle’s report highlights that USDC is emerging as a leading stablecoin due to its significant market capitalization growth, network expansion, and regulatory compliance, further strengthening its position in the global financial market.
