USDC Market Cap Surpasses $60 Billion Amid Stablecoin Surge to $230 Billion

The market capitalization of USD Coin (USDC) has exceeded $60 billion, doubling year-over-year from $30 billion in March 2024. This milestone contributes to the overall stablecoin market cap reaching over $230 billion on Wednesday. USDC, issued by Circle and backed by a consortium including Coinbase, is the second-largest stablecoin, behind Tether's USDT. Ethereum holds the majority of USDC with $36 billion, followed by Solana with $10 billion. Circle has been actively minting USDC on Solana, with issuances surpassing $10 billion by March 20. This month, Circle launched USDC in Japan through SBI VC Trade and plans to upgrade bridged USDC on Linea to natively issued USDC. An upgraded cross-chain transfer protocol on Avalanche, Base, and Ethereum reduces USDC transfer times between blockchains from minutes to seconds.