USDC Circulation Grew 78% in 2024: Report
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USDC issuer Circle has reported a significant increase in the stablecoin's circulation, which grew by 78% in 2024. This growth has positioned USDC as the fastest-growing fiat-pegged crypto asset by market capitalization over the past year. The supply of USDC surged from $24.4 billion at the beginning of 2024 to $43.9 billion by January 1, 2025. This marks a stark contrast to 2023, when the stablecoin's supply decreased by 45% to $33.2 billion following the collapse of Silicon Valley Bank (SVB), which held $3.3 billion of Circle’s cash reserves. The failure of SVB led to a massive sell-off, causing USDC to briefly depeg from the U.S. dollar. Currently, USDC operates across 16 blockchains and has facilitated fiat currency transfers exceeding $850 billion.
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