USD Coin (USDC) Circulating Supply Eclipses $50 Billion

Issued by Circle Inc., USD Coin (USDC) is the second stablecoin by market capitalization. At the same time, it might surpass USDT should its capitalization continue to grow at that pace.

USDC surpasses $50 billion in market cap

Mr. Jeremy Allaire, CEO and co-founder of digital currencies heavyweight Circle, has taken to Twitter to share a thread about the latest milestone accomplished by his team and its flagship product, USD Coin (USDC).

50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup

— Jeremy Allaire (@jerallaire) February 1, 2022

USDC market capitalization (net USD-denominated value of all USD Coins in circulation) has surpassed $50 billion. In all, Circle minted more than 100 billion USD Coins (USDC), Mr. Allaire reported.

As such, USDC has witnessed 10,000% growth in two years. Now, it is supported by 200 blockchain protocols, 34 exchanges and 223 digital currency wallets globally.

In total, $2.5 trillion were transferred betwen 4.7 million crypto accounts of USDC holders.

Who is the winner of the “digital currency” space race?

As of Q1, 2022, the USDC stablecoin is issued on eight different blockchains. Users in 175 countries are able to utilize USDC in DeFi and retail payments.

Mr. Allaire stresses that such a massive adoption of USDC is of paramount importance for the dominance of the U.S. Dollar as a global currency in the Web3 era:

If you ever wondered whether the US and US Dollar were winning the digital currency space race, well now you have the answer.

As covered by U.Today earlier today, India is going to release its official Rupee-pegged CBDC in fiscal year 2022-2023.

Such an announcement was made today, Feb. 1, 2022, by Indian Finance Minister Nirmala Sitharaman.