The supply of USDC stablecoins reaches a record level, surpassing the $60 billion market capitalisation.

The USD Coin stablecoin's supply has surpassed the $60 billion market capitalisation threshold, a significant milestone that highlights its growing popularity.

The supply of stablecoin reached a record high of 60.2 billion on Wednesday, up 100% from $30 billion in March 2024. The market capitalisation of all stablecoins hit a record high of around $230 billion.

Issued by Circle and supported by a group that includes Coinbase, USDC is a stablecoin that is based on the value of the US dollar. With a market valuation of more than $144 billion, it is still the second-largest stablecoin, after Tether's USDT.

Ethereum is the most prominent network, controlling the bulk of USDC with $36 billion, according to the distribution of USDC among other blockchains. Solana comes in second with a whopping $10 billion. Hyperliquid ($2.2 billion), Base ($3.7 billion), Arbitrum ($1.8 billion), and Berachain ($1 billion) are further blockchains. Circle has generated significant quantities of USDC on the Solana blockchain throughout the first quarter of this year, particularly in multiple 250 million-dollar tranches. USDC issuance on Solana exceeded $10 billion by March 20.

Additionally, Circle has been working to improve the stablecoin's infrastructure and broaden its user base. It declared this month that USDC will formally launch in Japan in collaboration with SBI VC Trade. The company also disclosed plans to make the first bridging-to-native transfer in the market by upgrading bridged USDC on the Ethereum Layer 2 blockchain, Linea, to natively issued USDC.

Additionally, it launched an enhanced cross-chain transfer protocol on Ethereum, Base, and Avalanche, with plans to soon expand support to Linea, Arbitrum, and Solana. With this update, USDC transfers between blockchains take seconds instead than minutes.

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