According to A, the USD Coin (USDC), which is a digital currency that allows for transactions in USDCs, will surpass $20 trillion by 2024. Reportage Circle. Published by Circle. USDC has recorded a monthly volume of $1 trillion transactions in November 2024.
The report highlighted USDC’s role as a digital representation of the US dollar integrated into various blockchains. USDC’s circulation increased by 78% over the last year.
The publication also advocated stablecoin’s advantages over fiat money, such as cost efficiency, near-instant transaction speeds, and global reach.
Jeremy Allaire co-founder, CEO and founder of Circle stated that:
“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.”
The report attributed USDC’s growth to different use cases, such as cross-border payments and the usage of DeFi protocol.
It also highlighted the fact that since USDC’s launch, over $850 Billion has been transferred from the traditional financial sector to the decentralized economic system.
The following is a list of Artemis increased the USDC’s market capitalization by 61%, reaching nearly $39 Billion in December 2024. Transfer volume increased by 241%, from $22.7 to $77.5 billion.
Main drivers
This report relates the growing use of various applications with significant development, first among which are regulatory advancements. Stablecoins benefit as regulations become more mature. This boosts confidence and increases transaction volume.
Blockchain technology is another important development that has boosted USDC’s growth. In the report, third-generation Blockchains were cited as enabling cheap and quick transactions that would increase accessibility of stablecoins.
As the report explains, the third factor is the development of stablecoins in various areas, such as remittances, payroll, humanitarian aid, and online commerce.
Popularity in emerging economies
Circle advocated that the USDC’s appeal encompasses emerging economies, particularly Latin America and Africa. The countries in this region have accepted USDC both as an inflation hedge and to gain access to global financial networks.
The company has expanded further its reach through partnerships with companies like Nubank, Chipper Cash and others.
Integration in places like Apple Stores also boosts USDC adoption. USDC is now available in over 500,000,000 wallets.
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