USDC Circulation Jumps 78% as Circle Reports Stablecoin's Growing Dominance in Digital Finance
Circle Internet Group has released its annual assessment of the USDC economy, revealing substantial growth and expanding utility for the stablecoin. The 2025 report, titled "USDC as a Platform for Global Prosperity," highlights USDC's growing role in building a more accessible and efficient global financial system.
A key takeaway is the impressive 78% year-over-year increase in USDC circulation, outpacing the growth of other major global stablecoins and demonstrating strong market demand. This surge is mirrored by a significant increase in transaction volume, with USDC's total all-time transaction volume now exceeding $20 trillion, including a monthly transaction volume of $1 trillion recorded in November 2024 alone, the company said.
“This year’s report charts USDC’s evolution into a platform for global prosperity. USDC has become a crucial bridge between traditional and digital finance, enabling real-time, low-cost value exchange that expands economic opportunity on a global scale. Businesses large and small are building innovative products and services with USDC and Circle’s technology, fueling mainstream adoption that will lead to a faster, stronger, and more resilient internet-based financial system," Circle CEO, co-founder and chairman Jeremy Allaire said.
The report pointed to regulatory clarity, the scalability of blockchain networks, and an improving user experience as key factors driving USDC adoption. He emphasized the increasing connection between USDC and traditional finance, with Circle's expanding global banking network providing direct wholesale access to USDC in major financial centers. This improved connectivity is unlocking new use cases, including global payroll, supplier payments, remittances, and merchant payments, positioning USDC at the forefront of the evolving global payments landscape, Ciricle said.
According to DeFiLlama data, the total global stablecoin market capitalization stands at $206.52 billion, with Tether's USDT holding a commanding lead with $137.5 billion, compared to USDT's $45.727 billion.
However, one area that Circle has the edge over its rivals is in regulatory compliance, as it is the first major global stablecoin issuer to comply with the European Union's Markets in Crypto Assets (MiCA) regulation and meeting Canada's new listing rules. These achievements underscore Circle's commitment to operating within established regulatory frameworks and building trust with institutions and users, Circle said.
USDC's reach has also expanded significantly over the past year, now accessible to over 500 million end-users through various digital wallets and consumer applications. This increased accessibility is driving the mainstream adoption of digital dollars and broadening the stablecoin's use cases. A key partnership with Binance, which adopted USDC for its corporate treasury and expanded access to its 250 million global users, has further amplified USDC's reach and liquidity. Circle's Cross-Chain Transfer Protocol (CCTP) has also played a crucial role, facilitating over $20 billion in USDC transfers and enhancing interoperability across different blockchain networks.
Circle also highlightsed USDC's positive impact on financial inclusion, empowering unbanked and underbanked populations in over 180 countries by providing secure and low-cost access to digital dollars. With native availability on 16 different blockchains, USDC's accessibility continues to grow. Further demonstrating Circle's expansion into other markets, EURC, the euro-backed stablecoin, has become the largest euro-backed stablecoin by circulation and has surpassed $1 billion in weekly transfer volume.