USD Coin (USDC) supply has reached a historic milestone, surpassing the $60 billion market cap for the first time. The achievement underscores the stablecoin’s rapid growth and increasing adoption across multiple blockchain networks.
USDC Supply Hits Record $60 Billion, Signaling Strong Adoption
Today, the supply of USDC reached an all-time high of 60.2 billion, reflecting a 100% year-over-year increase from 30 billion in March 2024. Total stablecoin market cap has also risen to record levels, surpassing $230 billion.
Issued by Circle and backed by a consortium that includes Coinbase, USDC remains the second-largest stablecoin after Tether (USDT), which currently has a market cap of over $144 billion.
Blockchain Distribution of USDC
USDC is distributed across multiple blockchains, with Ethereum leading the way as the dominant network with a supply of $36 billion. Other key networks include:
- Solana – $10 billion
- Base – $3.7 billion
- Hyperliquid – $2.2 billion
- Arbitrum – $1.8 billion
- Berachain – $1 billion
Circle, in particular, significantly increased USDC issuance on Solana by minting multiple tranches of 250 million USDC in early 2025. As of March 20, total USDC on Solana surpassed $10 billion.
Latest Developments from Circle
Circle is actively expanding the reach and infrastructure of USDC:
- Japan Expansion: USDC recently launched in Japan by partnering with SBI VC Trade, taking a significant step into the regulated Asian market.
- Ethereum Layer-2 Upgrade: The company announced that bridged USDC on Ethereum’s Linea network has been upgraded to locally mined USDC, an industry-first.
- Cross-Chain Transfer Improvements: Circle introduced an upgraded cross-chain transfer protocol that reduces transfer times from minutes to seconds on Avalanche, Base, and Ethereum. Support is also on the way for Linea, Arbitrum, and Solana.
With these developments, USDC continues to solidify its position as a leading stablecoin in the digital asset ecosystem.
*This is not investment advice.
