TLDR:
USDC circulation grew 78% in 2024, reaching over 500 million end-users and exceeding $1 trillion in monthly transactions
Despite growth, USDC’s $46 billion market cap still trails behind Tether’s $137 billion, though USDT saw a 2.15% decrease over the last 30 days
Circle obtained MiCA compliance in Europe while Tether faced delisting on Coinbase Europe, leading to a new partnership between Binance and Circle
USDC recovered from a 45% market cap drop in 2023 following the Silicon Valley Bank collapse
The stablecoin is now supported on 16 blockchains and has bridged over $850 billion between fiat currencies
Circle’s USD Coin (USDC) demonstrated a robust recovery in 2024, marking a 78% increase in circulation and reaching more than 500 million end-users worldwide. The stablecoin’s monthly transaction volume hit $1 trillion in November 2024, contributing to a total all-time transaction volume exceeding $20 trillion.
The growth comes after a challenging 2023, when USDC experienced a 45% market cap decline following the Silicon Valley Bank collapse. The stablecoin entered 2024 with a market value of $24.4 billion and saw a surge to $43.9 billion by year’s end, though this remains 22% below its peak of $55.9 billion recorded in June 2022.
Despite USDC’s growth, Tether (USDT) maintains its position as the market leader. USDT’s market capitalization grew about 50% in 2024, rising from $91.7 billion to $137.5 billion. Over the past 30 days, however, USDT experienced a slight decline of 2.15%, while USDC grew by 9.5%.
Circle’s regulatory compliance efforts played a key role in its 2024 performance. The company became the first stablecoin issuer to comply with the European Union’s Markets in Crypto Assets (MiCA) regulation, leading to new opportunities in the European market.
The regulatory landscape shifted notably when Coinbase Europe delisted USDT and other stablecoins that didn’t meet MiCA requirements. This development coincided with Binance, the world’s largest cryptocurrency exchange, announcing a partnership with Circle to boost USDC adoption.
USDC’s euro equivalent, EURC, achieved more than $1 billion in weekly transfer volume as European market adoption increased. Circle’s cross-chain capabilities expanded, with USDC now supported on 16 different blockchains and its Cross-Chain Transfer Protocol processing over $20 billion in transactions.
The company formed partnerships with traditional financial services providers, including MoneyGram and Chipper Cash, to create accessible on- and off-ramps for digital dollars. These partnerships aim to help users convert USDC into local currencies more easily.
Circle’s infrastructure development continued throughout the year, with the stablecoin bridging over $850 billion between fiat currencies. The company focused on expanding access to digital payments through integrations with established payment networks like Mastercard and Worldpay.
The stablecoin’s growth spans more than 180 countries, with particularly strong adoption in regions with high remittance activity, such as Latin America, Africa, and Southeast Asia. These areas traditionally face challenges with expensive and slow traditional payment systems.
Since late 2020, USDT’s market cap has increased by 552%, while USDC recorded a larger percentage increase of 1,135%. However, when measured from 2021, USDT shows stronger growth with a 74% increase compared to USDC’s 8.8% rise.
Circle expects regulatory developments in several key markets in 2025, including the United Kingdom, Brazil, Singapore, and Japan. These countries are working to establish clear regulations for stablecoins.
The company continues to target services for the approximately 1.5 billion unbanked or underbanked people globally. Circle’s strategy involves expanding payment options and improving access to digital financial services.
Industry observers note that regulatory uncertainty and transparency requirements will remain ongoing challenges in 2025, despite Circle’s optimistic outlook regarding regulatory clarity.
Monthly transaction volumes indicate sustained growth, with USDC maintaining steady adoption rates across both institutional and retail markets. The stablecoin’s integration into traditional payment systems continues to expand its practical applications.
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