USDC becomes fastest-growing stablecoin with $43.9 billion circulation

Circle, the issuer of USDC, announced that its stablecoin circulation grew by 78% over the past year, reaching $43.9 billion as of January 1, 2025.
This growth sharply contrasts with 2023, when USDC’s supply shrank by 45% to $33.2 billion, and positions the stablecoin as the fastest-growing fiat-pegged crypto asset by market capitalization in the past 12 months.
Circle’s Chief Strategy Officer, Dante Disparte, attributed this progress to the company’s active engagement with regulators. Circle became the first stablecoin issuer to receive a license under the European Union's Markets in Crypto Assets (MiCA) framework. Additionally, Boston-based Circle was one of the few crypto firms to meet the stringent VRCA listing standards in Canada.
Success and challenges in the race for leadership
Currently, USDC operates on 16 blockchains and has facilitated fiat currency transfers totaling over $850 billion. In November 2024, its monthly transaction volume exceeded $1 trillion, raising its total transaction volume to over $18 trillion.
However, USDC still lags behind USDT, which ended 2024 with a market capitalization of $137.5 billion, accounting for 66% of the nearly $208 billion stablecoin sector.
Moreover, Circle is working on organizational improvements and reduced its workforce by over 6% late last year, describing it as a “planned operational assessment.”
The stablecoin market has long been dominated by USDT. However, the recently enforced MiCA regulation could dramatically shift the landscape.