The post the market cap of the stablecoin recovers after the 2023 slip appeared on BitcoinEthereumNews.com.

USD Coin (USDC), the stablecoin by Circle pegged to the US dollar, concluded 2024 with a recovering market cap, after the slip in 2023, when it had hit the lows. Today, USDC starts 2025 with a market cap of 44.5 billion dollars, 80% more compared to the 2023 lows.  USDC: the stablecoin and its market cap growth over the years USD Coin (USDC), the stablecoin by Circle, managed to recover in 2024, ending the year with a market cap 80% higher compared to the lows of 2023.  In fact, as of December 31, 2024, USDC recorded a total market cap of 43.90 billion dollars. Nothing to do with the market cap of USDC in November 2023, the moment of the year’s low, when it reached as low as 29.90 billion dollars.  At the time of writing, the market cap of USDC is 44.5 billion dollars, confirming it as the second stablecoin in the world, after Tether (USDT) and its current over 137 billion dollars of market capitalization.  USDC also positions itself in the top 10 of the general cryptocurrency ranking, exactly in eighth place.  USDC: the distribution of the stablecoin on blockchain networks today compared to yesterday From an analysis on USDC, it has emerged that even the distribution of the stablecoin across the different blockchain networks seems to be more uniform today compared to the past.  On January 2, about 65% of USDC supplies are on Ethereum, 10% on Solana, and about 15% on Base and Arbitrum, both layer 2 of Ethereum, as well as on Hyperliquid, a layer 1 for low-latency trading. In 2023, however, the USDC was heavily concentrated on Ethereum, which held 85% of the circulating supply of the stablecoin.  Analysts explain that the current change in USDC also reflects a growing onchain activity and the…

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Filed under: News - @ January 3, 2025 10:24 am