Circle’s USD Coin (USDC) has achieved a significant milestone, with its circulating provide surpassing $50 billion for the primary time in three years.
DeFillama’s knowledge exhibits that USDC’s provide hit roughly $51 billion on Jan. 22, marking a pointy restoration from its 2023 low of underneath $24 billion.
Though this represents a major progress for the digital asset, the stablecoin stays 10% under its all-time excessive of $55.9 billion recorded in mid-2022. In the meantime, the distribution of USDC throughout blockchain networks have undergone important adjustments over the past three years.
Whereas Ethereum stays a key participant, its share of USDC’s provide has dropped from 85% to 61%. On the similar time, Solana’s share has elevated to 16% from lower than 3%.
This development highlights a shift as merchants go for Solana’s decrease transaction prices, significantly for speculative trades involving memecoins and AI-related tokens.
Moreover, the emergence of recent blockchain platforms just like the Coinbase-backed Base — an Ethereum layer-2 community resolution — and Layer 1 networks like Hyperliquid have contributed considerably to this shift.
These platforms provide quicker and more cost effective alternate options and appeals to customers looking for environment friendly buying and selling options.
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