USDC Sets All-Time High Market Cap Above $60 Billion as Adoption Surges

Circle USDC stablecoin market cap has hit a brand new all-time excessive, surpassing $60 billion for the primary time.

Artemis Analytics information shows USDC now has a 25.4% share of the stablecoin market, in contrast with 20.7% three months in the past.

However the digital greenback, which is issued by Circle, stays streets behind Tether. The full worth of USDT at the moment stands at $144 billion—representing about 63% of this still-nascent sector.

All of this comes towards a backdrop of rising demand for stablecoins, to not point out vital regulatory shifts.

New USDC value about $16.5 billion was minted over the previous three months, in contrast with the $4.7 billion of USDT that entered circulation.

The arrival of Europe’s MiCA regulations, which totally got here into drive on Dec. 31 final 12 months, are an enormous issue right here.

USDC had turn into the primary stablecoin to attain full compliance with these new requirements, with Circle choosing France as its European headquarters.

However, Tether has been delisted by a flurry of exchanges throughout the EU as a result of it would not have an e-money license on the continent.

Coinbase Europe was among the first to take away USDT from its platform again in December, with Binance following suit earlier this month.

A report lately shared with Decrypt by Circle revealed that USDC circulation additionally grew by 78% over the course of 2024.

Tether’s standing within the stablecoin market could possibly be weakened additional because the GENIUS Act winds its way by means of Congress within the U.S. The invoice affords clear provisions addressing every thing from reserve necessities to audits—each areas the place Tether has confronted criticism up to now.

However simply this previous week, Tether is in talks with a Massive 4 accounting agency—PwC, EY, Deloitte or KPMG—to get independently audited, in response to a report on Friday by Reuters. 

Regulators and lawmakers alike have beforehand raised questions on whether or not USDT is backed by U.S. {dollars}, with JPMorgan claiming Tether might have to dump the Bitcoin it holds in reserve to attain compliance.

That led to a swift rebuke from a Tether spokesperson, who informed Decrypt final month that adapting to any new necessities could be “easy.”

Edited by Stacy Elliott.