USDC Stablecoin Supply Surpasses $60B Market Cap, Doubling Year-Over-Year As Stablecoin Market Hits $230B

USD Coin, often known as USDC, has climbed above 60 billion dollars in market capitalization, signaling a new era of growth for stablecoins. 

On Wednesday, its circulating supply reached 60.2 billion, which represents a twofold increase from 30 billion in March 2024. This achievement highlights the rising demand for digital assets that maintain a steady value, especially during periods of high market volatility. 

Many traders and businesses are using USDC for remittances, payments, and trading pairs, making it a favorite across multiple blockchain ecosystems.

USDC Stablecoin Supply Surpasses $60B Market Cap

Circle issues USDC in partnership with a consortium that includes Coinbase, and they have maintained a transparent approach by offering regular attestations. 

Ethereum remains the primary network for USDC, holding 36 billion tokens, while Solana is the next largest chain with 10 billion. Other platforms, such as Base, Hyperliquid, Arbitrum, and Berachain, also carry smaller but noteworthy portions of USDC’s total supply. 

Observers believe that the USDC’s steady rise reflects growing acceptance among institutional investors, who see it as a useful bridge between traditional finance and the decentralized world.

Also Read: Circle And Binance Join Hands To Push Global Adaptation Of Stablecoin USDC

Top Five Stablecoins by Market Cap

The stablecoin market as a whole has passed 230 billion dollars as per data from Defilama, with the top five stablecoins accounting for a large share of that total. Tether stands at the front with over 144 billion dollars, followed by USDC, which now holds more than 60 billion. 

The third spot is occupied by Ethena (USDe) with $5.3 billion, and it is another dollar-pegged token that caters to a different user base and maintains a respectable circulation. 

Sky Dollar has also drawn attention by now holding $4.7 billion, and Dai remains a popular choice for those who value decentralized governance. It has a market cap of $4.3 billion.

These five stablecoins, when combined, form the bulk of the sector, giving traders multiple options for safeguarding their assets.

Stablecoins appeal to many because they offer instant settlement, predictable value, and easy movement across various exchanges. Users often move between these coins to reduce exposure to sudden price drops in the broader crypto market. 

Circle’s Japan Launch

Circle will officially introduce its US dollar stablecoin in Japan today, March 26, 2025, adding another major market to its roster. SBI VC Trade, a local partner, recently received regulatory approval to list the token under Japan’s stablecoin framework. 

Observers believe this step could foster further growth in Asia’s digital economy, where strict regulations and a tech-savvy population create a unique environment for crypto adoption. 

Circle’s entrance into Japan reflects the firm’s ambition to build a global presence for USDC and strengthen its position in the digital finance landscape. The surge of USDC beyond 60 billion dollars highlights the continued expansion of stablecoins in a rapidly evolving market.

Also Read: Trump’s Prioritization of US-Based Coins Like SOL, XRP, USDC Raises Questions