USDC’s Supply Hits an All-time High

The supply of the USD Coin (USDC) stablecoin has surpassed a $60 billion market cap, highlighting its growing adoption.

On Wednesday, USDC reached a record supply of 60.2 billion, marking a 100% increase from $30 billion in March 2024. The overall stablecoin market cap also reached new highs, exceeding $230 billion.

USDC is a dollar-pegged stablecoin issued by Circle and backed by a consortium including Coinbase. It is the second-largest stablecoin, behind Tether’s USDT, which has a market cap of over $144 billion.

Ethereum is the primary network for USDC distribution, holding $36 billion. Solana follows with $10 billion. Other networks include Base with $3.7 billion, Hyperliquid with $2.2 billion, Arbitrum with $1.8 billion, and Berachain with $1 billion.