USDC stablecoin supply surpasses all-time high, topping $60 billion market cap

The supply of USD Coin stablecoin has crossed the $60 billion market cap threshold — a milestone that underscores its growing adoption.

On Wednesday, the stablecoin’s supply hit an all-time high of 60.2 billion — a 100% year-over-year increase from $30 billion in March 2024.

Meanwhile, the total stablecoin market cap has also reached all-time highs, surpassing $230 billion .

USDC is a stablecoin pegged to the U.S. dollar, issued by Circle and backed by a consortium that includes Coinbase. It remains the second-largest stablecoin, trailing Tether’s USDT, with a market cap exceeding $144 billion. 

USDC's supply is distributed across multiple blockchains, with Ethereum hosting the majority over $36 billion, followed by Solana with a substantial $10 billion. Other blockchains include Base with $3.8 billion, Hyperliquid with $2.2 billion, Arbitrum with $1.8 billion, and Berachain with $1 billion.

Throughout the year's first quarter, Circle has minted substantial amounts of USDC on the Solana blockchain, notably in several tranches of 250 million. By March 20, USDC issuance on Solana had surpassed $10 billion.

Circle has also been making strides in expanding the stablecoin's reach and improving its infrastructure. This month, it announced the official launch of USDC in Japan through a partnership with SBI VC Trade. The firm also revealed plans to upgrade bridged USDC on the Ethereum Layer 2 blockchain, Linea, to natively issued USDC, which is the industry's first bridged-to-native transition.

Furthermore, it rolled out an upgraded version of its cross-chain transfer protocol (CCTP v2) on Avalanche, Base and Ethereum, with plans to extend support to Linea, Arbitrum and Solana soon. This upgrade reduces USDC transfer times between blockchains from minutes to seconds.