In 2024, Circle's stablecoin USDC saw its capitalization increase by 78%, more than the 51% of its competitor USDT. What are the other highlights of the last 12 months?
Circle presents its 2024 retrospective for its USDC stablecoin
If the prices of cryptocurrencies, and mainly that of BTC, increased significantly in 2024, stablecoins also benefited from this increase by means of an increase in their capitalization. As for Circle's USDC, the stablecoin notably saw an increase of 78% in this quantity of assets in circulation in 2024, where its direct competitor, Tether's USDT, saw its capitalization increase by 51%.
In its annual report, Circle thus reviews the main milestones achieved over the last 12 months, culminating in the fact that USDC became the first stablecoin on the market to comply with MiCA regulations.
💡 How does Circle USDC stablecoin work?
Since the creation of USDC, $20,000 billion in volumes were also exceeded last year, including a monthly volume of $1,000 billion achieved last November. In this continuity, 850 billion dollars of fiat currencies have also been injected into the ecosystem through Circle since 2018.
Jeremy Allaire, the CEO and co-founder of the company, described his stablecoin as a bridge to traditional finance:
USDC has become a critical bridge between traditional and digital finance, enabling low-cost, real-time exchange of value that expands economic opportunities globally. Businesses large and small are creating innovative products and services with USDC and Circle's technology, driving widespread adoption that will lead to a faster, stronger and more resilient internet-based financial system.
Speaking of bridges, let us also note that Cross-Chain Transfer Protocol (CCTP), has already bridged $20 billion worth of USDCwhile the asset is today available on 16 different blockchains.
👉 Also in the news — Italy's largest bank bought 1 million euros worth of Bitcoin
While USDC has progressed more quickly than USDT in 2024, and it seems to benefit from the preference of certain players on the regulatory level, it will be interesting to take stock at the end of the year to see how has evolved. this difference in adoption.
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Source: Circle
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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