Circle’s USD Coin (USDC) stablecoin has exceeded $16 trillion in cumulative buying and selling quantity.
Whereas this determine falls in need of conventional monetary giants like Visa, which processed greater than $12 trillion in funds final 12 months alone, it highlights the spectacular development of stablecoins. Regardless of their relative infancy, stablecoins have shortly established themselves as vital gamers in international monetary markets.
Stablecoins play an vital position within the cryptocurrency ecosystem: they facilitate the graceful motion of funds, assist seamless transactions between tokens, and allow funds, particularly for cross-border transactions.
Launched in 2018, USDC is the second largest stablecoin by market cap, at present with $34.6 billion in circulation. Circle has strategically positioned USDC as a extra regulation-compliant stablecoin, differentiating it from rivals resembling USDT.
This method has contributed to USDC’s dominance in buying and selling this 12 months, outperforming Tether’s USDT regardless of its smaller circulating quantity: USDC now accounts for roughly 50% of all stablecoin buying and selling quantity, in line with Artemis.
Solana Drives USDC Progress
USDC buying and selling quantity is primarily pushed by the Solana blockchain, which accounts for greater than three-quarters of the stablecoin market. USDC makes up roughly 65% of Solana's $3.98 billion stablecoin provide, in line with information from DeFiLlama.
USDC buying and selling quantity on Solana has surged to about $8.29 trillion for the reason that starting of final 12 months, in line with a stablecoin dashboard created by Visa Inc. in collaboration with Allium Labs. Its closest rival, TRON's USDT, has recorded $7 trillion in quantity over the identical interval.
This development isn’t a surprise, on condition that Solana is widespread for its pace and low transaction prices, and has attracted curiosity from conventional monetary establishments like PayPal.
The latest surge in meme coin buying and selling and DeFi exercise on Solana has solely fueled that rise, with the market even seeing buying and selling exercise on Solana surpass that of Ethereum previously few months.
