The post USDC Circulation Grew 78% in 2024, But Still Lags Behind Tether: Circle appeared on BitcoinEthereumNews.com.

Circle’s USD Coin (USDC) saw a major increase in circulation over the last year amid an evolving regulatory landscape. According to a report shared with Decrypt by Circle, USDC circulation grew 78% year-over-year, reaching more than 500 million end-users worldwide. Monthly transaction volume surpassed $1 trillion in November 2024, with total all-time transaction volume exceeding $20 trillion. Circle highlighted its compliance with the European Union’s Markets in Crypto Assets (MiCA) regulation and Canada’s listing rules in 2024. Tether (USDT), the stablecoin market leader, has not been as proactive. Coinbase’s European operation delisted it, and the world’s top crypto exchange, Binance, announced a partnership with Circle earlier this year. Back in 2022, USDC came close to pulling even with USDT’s market capitalization after the $40 billion TerraUSD crash spooked markets. But it was only a short-lived tight race. 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 chief strategy officer and head of global policy, Dante Disparte, highlighted the importance of the firm’s focus on compliance. “This progress not only strengthens the regulatory clarity for stablecoins but also ensures that digital dollars like USDC serve as a force for global economic inclusion,” he said. A Circle spokesperson told Decrypt that the firm also worked on adoption by the unbanked by partnering “with organizations like MoneyGram and Chipper Cash to create accessible on- and off-ramps for digital dollars, enabling users to convert USDC into…

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Filed under: News - @ January 14, 2025 11:20 pm