Rapid Growth of USDC: Key Achievements and Prospects for Stablecoins

In 2024, the stablecoin market demonstrated impressive growth, with the cryptocurrency asset USDC (USD Coin), developed by Circle, becoming one of the leaders in this segment. According to a report provided by Circle to Decrypt, USDC turnover grew by 78%, and the number of users exceeded 500 million worldwide.

Impressive Transaction Metrics

In November 2024, the monthly transaction volume using USDC surpassed $1 trillion, while the total annual volume of operations with the stablecoin exceeded $20 trillion. At the same time, EURC (a euro-pegged stablecoin jointly developed by Circle and the U.S. cryptocurrency exchange Coinbase) is gaining popularity. The weekly transaction volume of EURC exceeded $1 billion, indicating active development in the European cryptocurrency market.

Regulatory Clarity and Integration Prospects

According to Dante Disparte, Circle’s Chief Strategy Officer, the success of USDC and EURC highlights the growing interest in cryptocurrencies in Europe and beyond. Disparte noted that the company strives to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Canada’s crypto asset listing rules. He emphasized that regulatory clarity will simplify the integration of stablecoins into the global economy.

Partnerships for User Convenience

To simplify the use of USDC, Circle collaborates with services like MoneyGram and Chipper Cash. These partnerships enable users to easily convert USDC into local currencies. To date, over $850 billion has been transferred into fiat currencies using USDC.

Technological Achievements

In 2024, Circle continued to advance its technological infrastructure. Currently, USDC is supported by 16 different blockchains. One of the key milestones was the launch of the Cross-Chain Transfer Protocol, which facilitates cross-network transfers. Over the past year, this protocol processed USDC transactions totaling more than $20 billion.

The Future of Stablecoins

Circle CEO Jeremy Allaire previously stated that dollar-pegged stablecoins have the potential to become legally recognized electronic money within the U.S. financial system. This paves the way for their broader adoption and usage.

The growing popularity of stablecoins like USDC and EURC confirms that cryptocurrencies are gradually becoming an integral part of the global economy. With technological innovations and support from regulators, stablecoins are poised to significantly contribute to the development of global financial systems.