USDC’s supply has risen to just under $61 billion as of April 19, up from $44 billion at the start of the year.
USDC’s supply has risen to just under $61 billion as of April 19, up from $44 billion at the start of the year. This marks a $17 billion increase and a 38.6% growth since January. In contrast, USDT has grown from $138 billion to $145 billion in the same period. The total stablecoin supply across the market currently stands at $226 billion.
Ethereum continues to host the majority of stablecoins, with $130 billion in supply, while the rest is distributed across blockchains like TRON and Solana. Despite USDT maintaining the largest share of the overall market, the faster growth of USDC shows a shift in preference, especially among institutional users.
USDC’s appeal has been closely linked to regulatory clarity and Circle’s approach to compliance. The company’s transparent reserve practices and regulatory alignment have made it more attractive to regulated institutions in the United States and the European Union. This institutional confidence has been further supported by Circle’s ongoing steps toward a possible initial public offering (IPO).
The exchange rate between USDC and USDT remains close to 1:1, which has allowed users to move between the two without major issues. Still, the difference in supply growth between them has become more pronounced over time. Market participants have shown an increasing preference for USDC in decentralized finance platforms and among entities operating in regulated financial environments.
Circle’s potential IPO has been viewed as an effort to strengthen links between traditional finance and crypto infrastructure. While no date has been confirmed, the move reflects the company’s broader efforts to expand its reach and solidify its position in the stablecoin market.
Although TRON and Solana host portions of the stablecoin supply, Ethereum’s $130 billion share makes it the dominant platform for these assets. The remaining $96 billion is spread across the other blockchains, but none rival Ethereum’s scale.
While USDT continues to lead in total supply, the growth trajectory of USDC has been sharper in 2025. The combination of institutional demand, regulatory transparency, and infrastructure developments such as Circle’s IPO plans has contributed to this trend. The stablecoin market continues to evolve, with preferences shifting as participants evaluate which tokens offer the clearest path to compliance and operational trust.
USDC’s growth reflects a broader trend in which regulatory alignment and transparency play a growing role in stablecoin adoption. The market is watching closely to see how this shapes future competition between leading tokens.
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