USDC Stablecoin Supply Rises 80% Since 2023

The supply of USDC stablecoin has surged by 80% since its 2023 low, reaching approximately $44 billion as of January 2025, up from $24 billion.

Ethereum continues to dominate with 65% of the total USDC supply.

However, platforms like Solana, Base, Arbitrum, and Hyperliquid are rapidly gaining traction due to increasing adoption.

Notably, Ethereum-based Layer 2 solutions such as Base have seen remarkable growth.

USDC supply on Base expanded from $1.9 billion in 2023 to $8.1 billion in 2024, largely driven by Ethereum's Dencun upgrade, which reduced transaction costs.

In 2024, USDC's transaction activity was robust, with a total volume exceeding $15 trillion and over 100 million unique transactions recorded.

Despite this impressive rebound, USDC remains behind USDT in market dominance.

Challenges such as the collapse of Silicon Valley Bank in 2023 initially dented confidence in USDC, but the stablecoin has since recovered, regaining trust among investors and users alike.