USDC Market Cap Doubles to $60.2 Billion in One Year

Circle’s USD Coin (USDC) has recently surpassed a $60 billion market cap, marking a significant milestone in the cryptocurrency ecosystem. This achievement underscores the growing demand for reliable, fiat-backed digital currencies. The total stablecoin market cap has also reached an all-time high, exceeding $230 billion, reflecting the increasing adoption of cryptocurrencies and the reliance on stable assets by institutions.

USDC’s market cap has doubled in just one year, rising from $30 billion in March 2024 to $60.2 billion. This 100% year-over-year increase highlights its rapid growth. Despite this impressive surge, Tether (USDT) remains the market leader with a market cap exceeding $144 billion. However, USDC’s steady growth indicates a potential shift in the stablecoin landscape, where multiple stablecoins could coexist and thrive rather than a single dominant player.

The distribution of USDC’s supply across major blockchains is as follows: Ethereum dominates with $36 billion, followed by Solana with $10 billion, Base with $3.7 billion, Hyperliquid with $2.2 billion, Arbitrum with $1.8 billion, and Berachain with $1 billion. Circle has been actively minting large amounts of USDC on Solana, issuing multiple tranches of 250 million USDC at a time. By March 20, USDC’s supply on Solana had surpassed $10 billion, demonstrating strong adoption in high-speed, low-cost blockchain ecosystems.

Circle is not only focusing on increasing the supply of USDC but also expanding its reach and capabilities. USDC has officially launched in Japan through a partnership with SBI VC Trade, tapping into Asia’s growing stablecoin market. Additionally, USDC on Linea is transitioning from a bridged version to a natively issued token, marking the first-ever bridged-to-native transition in the industry. Circle has also rolled out faster, more efficient cross-chain transfers for USDC on Avalanche, Base, and Ethereum, with Solana and Arbitrum coming next. This upgrade reduces transfer times from minutes to seconds, a significant improvement for DeFi users.

While Tether’s dominance is unlikely to fade soon, USDC’s trajectory shows that the stablecoin market is far from a one-horse race. USDT benefits from strong liquidity and widespread adoption, while USDC has the trust factor—fully backed reserves, regulatory compliance, and institutional partnerships. As Circle continues to expand into new markets and roll out critical upgrades, USDC’s role in the crypto economy is only getting bigger. The stablecoin battle is just getting started, and USDC’s recent achievements suggest that it is well-positioned to challenge Tether’s crown in the future.