Circle’s USDC beats Tether USDT in market cap surge during 2024
USDC’s massive growth in 2024 marked the stablecoin’s steady recovery following a 45% market cap drop associated with the Silicon Valley Bank collapse in 2023.
Circle’s USD Coin stablecoin outpaced all other stablecoins in terms of market capitalization growth in 2024, after a decline in 2023.
The circulation of USD Coin (USDC) grew 78% year-over-year, outpacing the growth rate of all global stablecoins, Circle said in its third annual State of the USDC Economy Report released on Jan. 14.
“The growth of USDC in 2024 can be attributed to a combination of factors: the maturing regulatory clarity across major markets, the scalability of blockchain infrastructure, and our relentless focus on trust, transparency and utility,” a spokesperson for Circle told Cointelegraph.
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Author: Helen Partz
