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USDC Surges, Stablecoin Market Cap Hits $211B

Coin WorldFriday, Jan 31, 2025 6:00 pm ET

1min read

The stablecoin market capitalization has reached a record high of $211 billion, according to data from Alphractal. This marks a 73% increase from the $121.18 billion recorded in August 2023. The rise in stablecoin market cap has been accompanied by a growing dominance of USDC (USDC), which has been gaining an edge over other stablecoins.

Analyzing the market capitalization of other stablecoins, excluding Tether’s USDT (USDT) and USDC, the data reveals relatively average growth since 2024. This suggests that USDT and USDC remain the two most preferred stablecoins in the crypto market. The rest of the market has not grown significantly since 2023, maintaining stable average values.

USDT, the largest stablecoin by market cap, recorded an all-time high market cap of $140 billion in December 2023. Its market cap is now at $139.4 billion on Jan. 31, with a market dominance of 63.84%.

USDC’s market capitalization has been in an uptrend since November 2023. Data from CoinMarketCap shows that USDC’s market capitalization has increased by over 120% from a low of $24.1 billion on Nov. 14, 2023, to $53.4 billion at the time of writing. This increase aligns with a rise in demand, with USDC pairs recording an all-time high daily trading volume of $20 billion on Jan. 18. As a result, USDC’s market share by market capitalization has risen significantly to 24.6% on Jan. 31.

An earlier report by Cointelegraph showed a 78% year-over-year growth in USDC circulation, outpacing the growth rate of all global stablecoins. As of Jan. 31, USDC’s circulating supply is at $53.4 billion, more than double the 2023 low of less than $24 billion, according to CoinMarketCap. Alphractal said that USDC has benefitted from the recent drop in altcoins, with investors converting a large portion of their crypto holdings into USDC.

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