EddieJayonCrypto

 8 Feb 25

tl;dr

Circle’s USD Coin (USDC) has reached a new milestone, surpassing a total supply of $56 billion. The stablecoin’s rapid expansion reflects growing market demand, with $10 billion in fresh USDC entering circulation in the last month alone. This growth is attributed to shifting network preferences, wit...

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Circle’s USD Coin (USDC) has reached a new milestone, surpassing a total supply of $56 billion. The stablecoin’s rapid expansion reflects growing market demand, with $10 billion in fresh USDC entering circulation in the last month alone. This growth is attributed to shifting network preferences, with Solana's blockchain gaining traction and reshaping the distribution of USDC across different ecosystems.


On-chain data reveals that 45% of the $2.1 billion USDC outflow from Ethereum last month moved to Solana, contributing to a 138% increase in Solana's stablecoin supply, with USDC tokens representing 80% of the blockchain's total stablecoin market cap.


Market observers note that Solana's share of USDC supply has surged to 17%, while Ethereum's dominance has dropped to 59%, signaling a clear change in market preference.


Despite this growth, USDC still lags behind Tether’s USDT, the largest stablecoin with a market capitalization of over $140 billion.

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