Circle’s USD Coin (USDC) has achieved a serious milestone, with its circulating provide surpassing $50 billion for the primary time in three years.
DeFillama’s knowledge reveals that USDC’s provide hit roughly $51 billion on Jan. 22, marking a pointy restoration from its 2023 low of below $24 billion.
Though this represents a major development for the digital asset, the stablecoin stays 10% beneath its all-time excessive of $55.9 billion recorded in mid-2022. In the meantime, the distribution of USDC throughout blockchain networks have undergone vital modifications over the past three years.
Whereas Ethereum stays a key participant, its share of USDC’s provide has dropped from 85% to 61%. On the identical time, Solana’s share has elevated to 16% from lower than 3%.
This pattern highlights a shift as merchants go for Solana’s decrease transaction prices, significantly for speculative trades involving memecoins and AI-related tokens.
Moreover, the emergence of latest blockchain platforms just like the Coinbase-backed Base — an Ethereum layer-2 community resolution — and Layer 1 networks like Hyperliquid have contributed considerably to this shift.
These platforms provide quicker and cheaper alternate options and appeals to customers in search of environment friendly buying and selling options.
The put up USDC provide surpasses $50 billion as customers more and more want Solana blockchain appeared first on CryptoSlate.
