USDC Market Cap Recovers in 2024, Up 80% From 2023 Lows

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.

USD Coin (USDC), the stablecoin pegged to the US dollar created by Circle, closed 2024 with a recovering market capitalization, after the slip in 2023, when it hit the lows. Today, USDC begins 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 rise of alternative layer1 networks like Solana and Hyperliquid. From here, the prospects state that this trend may continue, with the market capitalization of USDC potentially doubling this year.

Looking at the last year, the market cap of USDC has had a slow trend until the victory of the USA presidential elections by Donald Trump.

From that moment, just like the entire crypto world, the market cap of USDC began to soar. Specifically, on November 5, 2024, the market cap of USDC was 35 billion dollars, rising by almost 10 billion dollars in two months.

Coinbase and Binance focus on USD Coin

Last month, Coinbase began applying limitations to stablecoins like USDT that do not meet the MiCA requirements for European users. However, such restrictions exclude USDC, confirmed as compliant with the regulation.

Not only that, on the same day, Binance also announced the new strategic partnership with Circle to speed up the global adoption of USDC.