With the rebound of on-chain activity, the market capitalization of Circle's USDC stablecoin has risen by 80% from its low point in 2023. According to CoinGecko, as of January 2, the circulating supply of USDC is close to $44 billion, nearly double the low point of just under $24 billion in 2023. About 65% of the USDC supply is on the Ethereum chain, 10% on the Solana chain, and approximately 15% on the Base, Arbitrum, and Hyperliquid chains. Analysts expect this trend to continue, and USDC's market capitalization could double this year.