Circle's USD Coin Surpasses $50 Billion in Circulating Supply
Brief news summary
Circle’s USD Coin (USDC) has reached a significant milestone, surpassing a circulating supply of $50 billion for the first time in three years. As reported by DeFillama, USDC's supply hit approximately $51 billion on January 22, recovering from a 2023 low of under $24 billion. However, it still remains 10% below its peak of $55.9 billion in mid-2022. The distribution of USDC across blockchain networks has also evolved notably over the last three years. While Ethereum continues to be a major player, its share of USDC supply has decreased from 85% to 61%. Conversely, Solana's share has surged to 16% from less than 3%, indicating a preference for Solana’s lower transaction costs, especially for speculative trades involving memecoins and AI tokens. The rise of new blockchain platforms, such as the Coinbase-backed Base and Layer 1 networks like Hyperliquid, has further accelerated this trend by offering faster and more cost-effective trading solutions, attracting users looking for efficient alternatives.Circle's USD Coin (USDC) has reached a significant milestone, with its circulating supply exceeding $50 billion for the first time in three years. According to data from DeFillama, USDC's supply hit around $51 billion on January 22, demonstrating a remarkable recovery from its 2023 low of under $24 billion. Despite this impressive growth for the digital asset, the stablecoin is still 10% below its all-time high of $55. 9 billion, which occurred in mid-2022. Additionally, the distribution of USDC across various blockchain networks has undergone notable changes over the past three years. While Ethereum continues to play a crucial role, its portion of USDC's supply has decreased from 85% to 61%.
Conversely, Solana's share has risen to 16%, up from less than 3%. This shift indicates a trend where traders are increasingly opting for Solana due to its lower transaction costs, especially for speculative trades involving memecoins and AI-related tokens. Moreover, the rise of new blockchain platforms, such as the Coinbase-backed Base—an Ethereum layer-2 network solution—and Layer 1 networks like Hyperliquid, has significantly influenced this trend. These platforms provide faster and more cost-efficient alternatives, attracting users in search of effective trading solutions.
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Circle's USD Coin Surpasses $50 Billion in Circulating Supply
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