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Circle’s USDC stablecoin has reached a $56.3 billion market capitalization, erasing losses sustained during the bear market.
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Circle’s USD Coin (USDC) reached a $56.3 billion market capitalization on Feb. 10, according to CoinGecko data, erasing the losses it sustained during the most recent bear market.
The $56.3 billion market cap represents a 23.4% increase from the $45.6 billion measured on Jan. 8. The lowest market cap USDC reached during the bear market was $24.1 billion in November 2023.
The increased market cap comes as Circle expands its reach to other blockchains, including Sui and Aptos. The company also minted $6 billion of USDC on the Solana blockchain in January 2025.
Tether’s USDt (USDT) is the world’s largest stablecoin by market cap, with $141.6 billion worth of tokens in circulation as of Feb. 10. According to CoinGecko, its market cap has jumped over $4 billion over the past 30 days.
Data from DefiLlama shows that USDT still holds 63% of the stablecoin market share, despite USDC rising to 25% from 19.4% a year ago.
Total USDC in circulation over time. Source: DefiLlama
Stablecoin regulation has come to the forefront of US politicians’ crypto agendas since President Donald Trump’s administration took hold of the executive branch of the federal government.
Related: Fed’s Waller backs regulated stablecoins to boost US dollar’s global dominance
White House AI and crypto czar David Sacks has said that stablecoins could “extend the dollar’s dominance internationally and extend it online digitally,” adding that it was the administration’s goal to bring stablecoin innovation “onshore.” Senator Bill Hagerty recently introduced a stablecoin bill that would create “a safe and pro-growth regulatory framework that will unleash innovation.”
Stablecoins are digital assets pegged to another asset, typically a fiat currency like the US dollar, playing a crucial role in digital payments. They are often used in developing countries as a hedge against inflation. In addition, stablecoin holders can earn yields on decentralized protocols, similar to earning interest on cash sitting in a bank account.
The market cap for stablecoins has risen from $121 billion in August 2023 to $224 billion as of Feb. 10.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
This article first appeared at Cointelegraph.com News
