USDC’s Market Cap Reaches an Annual High

Since the beginning of January 2024, the market supply of the second-largest stablecoin, USD Coin (USDC), has been increasing.

Over the past three months, it has risen from $24.56 billion to $32.49 billion, according to data from Coingecko.

The USDC’s market capitalization has reached its highest level since April 2023, and the average daily transaction volume is approaching $6 billion.

In September, the USDC issuer, Circle, deployed stablecoins on the Polkadot blockchain.

At the beginning of last year, the supply of USD Coin exceeded $44.5 billion, but by March, it began to decline due to investors shifting to Tether (USDT), which gained popularity amid the banking crisis in the US.

USDT remains the leading asset-backed digital currency, with a market capitalization approaching $105 billion.

According to data from IntoTheBlock, the number of USDT transactions on the Tron network sharply increased in February-March. On average, the blockchain processes up to 2 million Tether transactions daily, as highlighted by analysts.

USDT is based on 15 blockchains. Recently, Tether announced the deployment of stablecoins on the Celo network.

The largest blockchains for USDT include Ethereum, Tron, Polygon, Avalanche, and Algorand.