USDC market cap is up 80% from 2023 lows
The circulating supply of Circle's USDC has increased by 80% from recent lows, nearing $44 billion as of January 2, 2024. This rise is attributed to heightened onchain activity and a shift in user holdings from Ethereum to alternative networks like Solana and Hyperliquid. Currently, 65% of USDC is on Ethereum, 10% on Solana, and 15% across Ethereum layer-2s and Hyperliquid. The total value locked on Solana rose from $1.5 billion to nearly $8.5 billion in 2024. Analysts predict USDC's market capitalization could double this year, with expectations of reaching around $100 billion by 2025, contingent on Tether's regulatory status in the EU. Increased stablecoin adoption is seen as beneficial for decentralized finance (DeFi). Grayscale has also included several Solana-based DeFi applications in its top tokens for early 2025.
