Circle’s USD Coin (USDC) has achieved a serious milestone, with its circulating provide surpassing $50 billion for the primary time in three years.
DeFillama’s information exhibits that USDC’s provide hit roughly $51 billion on Jan. 22, marking a pointy restoration from its 2023 low of below $24 billion.
Though this represents a big development for the digital asset, the stablecoin stays 10% beneath its all-time excessive of $55.9 billion recorded in mid-2022. In the meantime, the distribution of USDC throughout blockchain networks have undergone vital adjustments over the past three years.
Whereas Ethereum stays a key participant, its share of USDC’s provide has dropped from 85% to 61%. On the similar time, Solana’s share has elevated to 16% from lower than 3%.
This development highlights a shift as merchants go for Solana’s decrease transaction prices, significantly for speculative trades involving memecoins and AI-related tokens.
Moreover, the emergence of latest blockchain platforms just like the Coinbase-backed Base — an Ethereum layer-2 community answer — and Layer 1 networks like Hyperliquid have contributed considerably to this shift.
These platforms supply quicker and cheaper options and appeals to customers in search of environment friendly buying and selling options.
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