<\/p>\n
Last year, the company bridged more than $197B between traditional banking and blockchain systems. <\/p>\n
Circle has released its State of the USDC Economy report highlighting the stablecoin\u2019s growth and changes since its launch in 2018.<\/p>\n
According to the 23-page report, the number of wallets holding more than $10 of USDC<\/a> has grown by 59% in the past year to 2.7M. The company also touts 595M transactions through the end of November 2023.<\/p>\n Circle writes that \u201cfirst impressions are hard to shake,\u201d referencing the use of stablecoins for leveraged speculation. In 2019, every dollar of non-USDC stablecoins supported roughly $5 of crypto daily trading volume, although that has changed.<\/p>\n The company claims that stablecoin usage for speculation is dwindling, with USDC dropping more than 90% in terms of leverage since 2019. Its flagship token has also been used to send value worth $12 trillion since its inception.<\/p>\n The report<\/a> goes on to spotlight dozens of use cases and partnerships \u2013 including aid organizations like the International Rescue Committee and global HR platform Deel \u2013 across both emerging and developing markets.<\/p>\n Notably, while Circle emphasizes growth across all of its metrics \u2013 highlighting its partnership with BlackRock, the world\u2019s largest investment firm that manages most of USDC reserves \u2013 USDC\u2019s market capitalization has been in free fall since early March 2023.<\/p>\n Peaking in June 2022 at $56B, the stablecoin plummeted to its lowest point in 2 years when it bottomed out in mid-November 2023, with a market cap of just over $24B. That\u2019s a nearly 60% drop, as per Coingecko<\/a>.<\/p>\nUSDC market share dwindles<\/h2>\n