Stablecoin USDC Is Making a Comeback: Coinbase
Summary
Circle's USDC, the second-largest stablecoin, has seen a 14.3% increase in supply since December 1, 2023, raising its total market cap to $28 billion. This growth is attributed to increased liquidity worldwide and growing usage outside the U.S. The rise in liquidity reflects a surge in both retail and institutional demand following the launch of spot bitcoin ETFs in the U.S., which led to fresh capital inflows. USDC is also expanding its presence in non-U.S. markets, increasing its share of spot and derivatives activity fivefold to 4% of total centralized exchange volumes globally. This growth was also driven by the start of Coinbase's international exchange and the relisting of USDC trading pairs on Binance.
