USDC Surge: Circle Reports 78% Growth in 2024, Unveils 2025 Economic Vision

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As a researcher studying digital currencies, I observed a significant surge in the circulation of USDC, the second-largest stablecoin by market capitalization, during the year 2024. According to a report from Circle Internet Group, the issuer of USDC, this dollar-backed stablecoin experienced an impressive 78% increase in year-over-year circulation.

In their latest report on the U.S. Dollar Coin (USDC) economy, Circle revealed that this coin’s growth outpaced all other significant stablecoins during the specified period. Key contributors to this expansion, as outlined in the report, include a surge in adoption and an uptick in use cases. As stated by Jeremy Allaire, CEO and co-founder of Circle:

[In their latest report on the U.S. Dollar Coin (USDC) economy, Circle disclosed that its growth surpassed all other major stablecoins during the mentioned timeframe. The factors credited for this growth, as presented in the report, include an uptick in adoption and a boost in use cases. According to Jeremy Allaire, CEO and co-founder of Circle:]

2021’s report illustrates the transition of USDC from a simple currency to a tool fostering worldwide prosperity. Today, USDC plays a pivotal role in linking conventional and digital finance, facilitating instant, affordable transactions that broaden economic accessibility across borders.

Allaire also pointed out that companies of different scales are creating goods and services that complement Circle’s technology, thereby accelerating and strengthening the acceptance of USDC ($1.00), a stablecoin with a 24-hour volatility of 0.0%, a market cap of $45.70 billion, and a 24-hour trading volume of $7.06 billion.

In a recent press release, Circle’s Chief Strategy Officer and Global Policy Head, Dante Disparte, stated that the growing clarity in crypto and stablecoin regulations – emphasizing trust, financial integrity, and transparency – is advantageous for USDC (Circle’s stablecoin) and will also benefit other similar digital assets. Notably, Circle has become the first significant global issuer of stablecoins to adhere to the European Union’s Markets in Crypto Assets (MiCA) regulation. The MiCA guidelines, enacted on December 30, will influence how cryptocurrencies are utilized and accepted by retail and institutional users across the member states of the European Union.

I, as an analyst, am highlighting that Circle has made history by becoming the first stablecoin issuer to comply with new listing regulations set forth by Canadian authorities such as the Ontario Securities Commission (OSC) and the Canadian Securities Administrators’ (CSA). These regulations pertain specifically to Value-Referenced Crypto Assets (VRCAs). Beyond our operations in Canada, Circle also conducts business under licenses in various other countries including the United States, France, and Singapore.

2024 USDC Highlights

The press release from Circle additionally spotlights a few key aspects of the stablecoin’s progress. For example, USDC achieved significant transaction volume of $1 trillion per month last November, with its total lifetime transaction volume surpassing $20 trillion. Furthermore, USDC is accessible in more than 180 countries, providing financial services to unbanked and underbanked individuals in those regions.

In addition, over 500 million people are able to utilize USDC across various applications and digital wallets, facilitating over $850 billion worth of transactions between fiat currencies and numerous blockchains since 2018. Circle streamlines the transfer of funds for global financial institutions, from large corporations like banks, payment providers, and other businesses, right down to individual users. Notably, well-known financial entities that have implemented USDC include MoneyGram, Stripe, Standard Chartered, and Mastercard.

Before President Trump’s inauguration, Circle donated 1 million US Dollars Coin (USDC) to his Inaugural Committee. As Allaire explained in a post on X, “The fact that they accepted payment in USDC shows how advanced we are and the potential of digital dollars.

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2025-01-15 00:26