Circle’s USD Coin (USDC) has reached a brand new milestone, surpassing a complete provide of $56 billion.
The stablecoin’s fast growth displays rising market demand, with $10 billion in contemporary USDC coming into circulation within the final month alone.
Regardless of this development, USDC is miles behind Tether’s USDT, the biggest stablecoin with a market capitalization of greater than $140 billion.
Solana’s position in USDC development
Market observers famous that a lot of USDC’s development stems from shifting community preferences. Crypto merchants more and more flip to the Solana blockchain, drawn by its decrease transaction prices and effectivity — particularly for memecoin buying and selling.
This pattern has considerably reshaped how USDC is distributed throughout totally different ecosystems. Information from DeFiLlama reveals that Solana’s share of USDC provide has surged from beneath 3% to 17%. In the meantime, Ethereum’s dominance has dropped from 85% to 59%, signaling a transparent change in market choice.
On-chain knowledge additional reveals that 45% of the $2.1 billion USDC outflow from Ethereum final month moved to Solana, whereas Arbitrum absorbed 22%, and Base captured practically 15%.
In consequence, Solana’s stablecoin ecosystem has seen an unprecedented enhance. The community’s stablecoin provide has soared 138% inside a month, reaching an all-time excessive of $12 billion. Of that, $10 billion represents USDC tokens, which account for 80% of the blockchain’s complete stablecoin market cap.