Circle's stablecoin USD Coin (USDC) has surpassed $16 trillion in complete cumulative quantity.
Whereas this determine lags behind conventional monetary powerhouses like Visa, which processed over $12 trillion in funds final 12 months alone, it highlights the exceptional development of stablecoins. Regardless of their comparatively quick existence, stablecoins have rapidly established themselves as key gamers within the world monetary market.
Stablecoins play an important function within the crypto ecosystem. They facilitate the sleek switch of funds, help seamless buying and selling between tokens and allow funds particularly for cross-border transactions.
Launched in 2018, USDC is the second largest stablecoin by market capitalization, with $34.6 billion presently in circulation. Circle has strategically positioned USDC as a extra regulatory compliant stablecoin, differentiating itself from opponents corresponding to USDT.
This method contributed to USDC's dominance in transactions this 12 months, surpassing Tether's USDT regardless of having a smaller circulating provide. In keeping with Artemis, USDC now accounts for roughly 50% of the overall stablecoin transaction quantity.
Solana helps USDC development
USDC transaction quantity is primarily pushed by the Solana blockchain, which holds greater than three-quarters of the stablecoin market share. Knowledge from DeFiLlam signifies that USDC makes up about 65% of the $3.98 billion Solana stablecoin provide.
A panel of stablecoins created by Visa Inc. in collaboration with Allium Labs reveals that USDC transaction quantity on Solana has soared to round $8.29 trillion because the starting of final 12 months. Its closest rival USDT on TRON noticed a quantity of $7 trillion in the identical time interval.
This development is no surprise, given Solana's recognition for its velocity and decrease transaction prices, which has attracted the curiosity of conventional monetary gamers corresponding to PayPal.
The latest surge in memecoin buying and selling and DeFi exercise on Solana has additional fueled its rise. Over the previous few months, the market has even seen cases the place buying and selling exercise on Solana has surpassed Ethereum.
