Circle’s USDC Hits $60B Market Cap Amid Rising Stablecoin Adoption

March 2025 has marked a historic milestone for Circle’s stablecoin (USDC), as its market capitalization surged to a record $60.2 billion. The stablecoin’s rapid growth is captivating, particularly because of the competitive nature of the stablecoin space.

According to Artemis Analytics, USDC’s supply skyrocketed by $16.3 billion between January and March 2025, significantly outpacing its major competition. Tether (USDT) recorded $4.4 billion growth during the same period. 

While USDT remains the dominant stablecoin with a staggering $144 billion market cap, USDC’s accelerating momentum is impossible to ignore.

Meanwhile, the broader stablecoin market reached an all-time high in December 2024, surpassing $230 billion in total market capitalization, just months after crossing the $200 billion mark.

Solana: A Key Catalyst in USDC’s Rise

A major factor driving USDC’s explosive growth has been its widespread adoption on the Solana blockchain. According to DeFiLlama, USDC now represents 77% of Solana’s total stablecoin market cap, surpassing $12 billion for the first time.

This milestone shows Solana’s growing importance as a space for high-speed, low-cost transactions, making USDC the preferred stablecoin for DeFi applications, remittances, and cross-border payments.

Solana’s efficiency has positioned USDC as an attractive on-chain settlement layer, drawing in developers, liquidity providers, and institutional players looking for seamless, cost-effective financial transactions. 

Beyond DeFi, USDC’s demand has increased within Solana’s growing ecosystem of decentralized applications (dApps) and NFT marketplaces, where it serves as a trusted medium of exchange.

USDC Expands Global Footprint as Regulatory Clarity Boosts Adoption 

Regulatory clarity has been important to USDC’s growth this year. On March 25, SBI Group, a leading Japanese financial conglomerate, announced the listing of USDC on its SBI VC Trade crypto exchange, making it the first globally recognized dollar stablecoin approved for use in Japan. 

To expand further, Circle plans to list USDC on Binance Japan, bitbank, and bitFlyer, strengthening its presence in the region.

Beyond Japan, Circle secured regulatory approval from the Dubai Financial Services Authority (DFSA) in February, allowing it to operate USDC and EURC tokens within the Dubai International Financial Centre (DIFC).

While securing regulatory approvals, Circle has aggressively expanded USDC’s presence across multiple blockchain networks. 

In January 2025, the company launched Native USDC on the Aptos mainnet, eliminating the need for cross-chain bridges and enhancing transaction efficiency.

Similarly, in September 2024, USDC was integrated into the Sui blockchain, reinforcing its expanding multi-chain strategy, which now spans 15 different blockchain networks.

As Circle strengthens its position, Tether (USDT) faces increased regulatory scrutiny. U.S. federal investigators are currently examining Tether for potential violations of sanctions and anti-money laundering laws, raising concerns over the transparency of its operations. 

In response, Tether has partnered with a Big Four accounting firm to conduct a comprehensive audit of its reserves. CEO Paolo Ardoino believes this move will improve transparency and regulatory compliance.