{"id":8407,"date":"2025-01-18T15:32:03","date_gmt":"2025-01-18T15:32:03","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=8407"},"modified":"2025-01-18T15:32:03","modified_gmt":"2025-01-18T15:32:03","slug":"usdc-circulation-grew-78-in-2024-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=8407","title":{"rendered":"USDC Circulation Grew 78% in 2024: Report"},"content":{"rendered":"
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USDC issuer Circle has reported that the stablecoin\u2019s circulation increased by 78% in 2024.<\/p>\n

The uptick made USDC the fastest-growing fiat-pegged crypto asset by market capitalization in the last 12 months.<\/p>\n

Regulatory Compliance<\/h2>\n

According to the report<\/a>, the supply of USDC went from a low of $24.4 billion in early 2024 to $43.9 billion by January 1, 2025. This growth is in stark contrast to 2023, when the stablecoin shrank by 45% to $33.2 billion following the collapse of Silicon Valley Bank (SVB).<\/p>\n

The Santa Clara-based financial institution had held about $3.3 billion of Circle\u2019s cash reserves. Its failure triggered a massive sell-off that caused USDC to briefly depeg from the U.S. dollar.<\/p>\n

Fast-forward to the present, the virtual asset now operates across 16 blockchains and has facilitated fiat currency transfers worth more than $850 billion. Moreover, in November 2024, its monthly transaction volume broke past the $1 trillion mark, pushing its historical transaction total to more than $18 trillion.<\/p>\n

Circle Chief Strategy Officer Dante Disparte credited USDC\u2019s recent progress to his company\u2019s proactive engagement with regulators. This was exemplified by its becoming the first stablecoin issuer to secure a license under the European Union\u2019s Markets in Crypto Assets (MiCA) framework.<\/p>\n

Headquartered in Boston, Circle was also one of the few crypto firms that met Canada\u2019s stringent VRCA listing standards. Those requirements led several companies, including Kraken<\/a>, Bitstamp, and Bybit<\/a>, to halt operations in the country.<\/p>\n

Tether Still Dominant<\/h2>\n

However, it has not all been smooth sailing for the organization. Toward the end of last year, Circle was reportedly forced to slash<\/a> its workforce by more than 6% following what it called a routine operational assessment.<\/p>\n

Also, despite the growth recorded in the past year, USDC still trails USDT. The number one stablecoin ended 2024 with its market cap at an eye-watering $137.5 billion. This amount represents 66% of the entire stablecoin sector, which is worth nearly $208 billion.<\/p>\n

Furthermore, since 2021, USDT\u2019s value has increased by more than 74%, while USDC\u2019s has improved by a less remarkable 8.8%. Data from CoinGecko shows that Tether was capped at $78.3 billion in 2021, while the now-rebranded USD Coin stood at $42 billion.<\/p>\n

Tether also recently announced that it is moving<\/a> its operations to El Salvador and building its first physical headquarters after being licensed as a digital service provider in the country. The company, which expanded its BTC reserves by $700 million on the last day of 2024, reported net profits of $7.7 billion in the first three quarters of that year.<\/p>\n

The post USDC Circulation Grew 78% in 2024: Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

USDC issuer Circle has reported that the stablecoin\u2019s circulation increased by 78% in 2024. The uptick made USDC the fastest-growing fiat-pegged crypto asset by market capitalization in the last 12 months. Regulatory Compliance According to the report, the supply of USDC went from a low of $24.4 billion in early 2024 to $43.9 billion by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-8407","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8407"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/8407\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}