TL;DR
- The Circle’s USDC has experienced notable growth in non-US markets in recent months, with a market capitalization surpassing $28 billion.
- This resurgence in the market is attributed to several factors. A recent Coinbase report indicates renewed interest in the stablecoin, driven by the overall upturn in the crypto market and growth in international markets.
- Since December 2023, it has experienced a 14% growth, gaining over $3.5 billion in market capitalization, indicating growing interest and confidence in the dollar-pegged cryptocurrency.
The USDC from Circle, one of the leading stablecoins in the crypto market, has experienced significant growth in non-US markets in recent months. With a market capitalization surpassing $28 billion, it has seen steady growth since the fourth quarter of 2023, reflecting increased adoption and institutional investment.
This resurgence in the USDC market is attributed to various factors, including a recent report from Coinbase indicating renewed interest in the stablecoin, driven by the overall uptick in the crypto market and growth in international markets.
The market cap for stablecoins is rising… and USDC is outperforming – up over 14% since December. Learn why this may mark a new resurgence in USDC in our new stablecoin deep dive: https://t.co/RD8X8RD7Pr pic.twitter.com/RqMRwvEG75
— Coinbase Institutional 🛡️📞 (@CoinbaseInsto) February 27, 2024
Since December 2023, USDC has experienced a 14% growth, gaining over $3.5 billion in market capitalization. This increase has brought the total market capitalization of the stablecoin to over $28 billion, indicating growing interest and confidence in the dollar-pegged cryptocurrency.
Despite the challenges faced in the first three quarters of 2023, such as the loss of its dollar peg and exposure to Silicon Valley Bank, USDC has managed to regain its position and find new momentum in the market. Now, with steady growth and increased trading activity, it is proving its viability as a reliable and stable option in the crypto industry.
One of the highlights of USDC’s growth has been its expansion in non-US markets. According to the Coinbase report, it has gained a greater presence in these markets, with an almost five-fold increase in its share of spot and derivatives trading activity since early 2023, showing a trend towards greater global adoption.
USDC Has a Long Way to go to Match USDT’s Growth
The growth has also been driven by a series of strategic partnerships and incentive programs. The launch of the Coinbase International Exchange and a market maker incentive program have provided liquidity and depth to USDC in international markets. Additionally, the relaunch on Binance, one of the world’s largest cryptocurrency exchanges, has greatly contributed to the growth of this stablecoin.
Despite its growth, Circle’s stablecoin still faces competition from other stablecoins, such as USDT. However, its recent success and growth have highlighted its strength and resilience. With a steadily increasing market capitalization and greater adoption in international markets, USDC is proving to be a force to be reckoned with in the crypto industry.
