Circle’s USD Coin (USDC) witnessed remarkable growth in 2024, with its circulation increasing by 78% year-over-year, according to a report shared by the stablecoin’s issuer.
Circle’s USD Coin (USDC) witnessed remarkable growth in 2024, with its circulation increasing by 78% year-over-year, according to a report shared by the stablecoin’s issuer. The company's latest report revealed that over 500 million users now rely on the stablecoin, which operates across 16 blockchains and has facilitated more than $850 billion in transfers between fiat currencies. In November 2024, USDC’s monthly transaction volume surpassed $1 trillion, pushing its total historical transaction volume to over $20 trillion.
The stablecoin has experienced rising adoption globally, partly due to Circle’s emphasis on compliance with international regulations. Circle became the first stablecoin issuer to secure a license under the European Union’s Markets in Crypto Assets (MiCA) framework in 2024. It also met Canadian listing rules, a move Circle’s Chief Strategy Officer Dante Disparte said ensures that digital dollars like USDC promote global economic inclusion.
However, USDC still trails behind Tether’s USDT in market capitalization. Tether, which remains the most widely used stablecoin, saw a modest 50% market cap increase in 2024, ending the year at $137.5 billion. Meanwhile, USDC’s market cap grew from $24.4 billion to $43.9 billion, marking a 79% increase. Despite this surge, USDC remains about 22% below its all-time market cap high of $55.9 billion recorded in June 2022.
Circle’s report pointed to partnerships as a key driver of USDC adoption. The company collaborated with Binance, the world’s largest cryptocurrency exchange, to enhance USDC’s availability for trading and payments. At Abu Dhabi Finance Week in December, both firms announced plans to support the stablecoin’s growth in digital financial services. In addition to Binance, Circle has worked with companies like MoneyGram and Chipper Cash to provide seamless on-ramps for converting USDC into local currencies.
Coinbase, which co-founded USDC alongside Circle, also played a role in reshaping the stablecoin market in Europe. Coinbase’s European operation delisted USDT and other stablecoins that failed to meet MiCA compliance. A company announcement stated that regulatory rules necessitated the removal of certain digital assets from its platform.
Circle highlighted further growth opportunities for USDC in areas like global payroll, supplier payments, and point-of-sale solutions. The firm’s euro-backed stablecoin, EURC, also gained traction in 2024, surpassing $1 billion in weekly transfer volume.
Looking ahead, Circle expects increased regulatory developments in countries like the U.K., Brazil, Singapore and Japan. A spokesperson said these regulatory frameworks will help ensure stablecoin issuers operate under consistent, high standards worldwide.
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