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Home»ADOPTION NEWS»Circle’s 2024 USDC Economic Report shows significant growth in stablecoin adoption.
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Circle’s 2024 USDC Economic Report shows significant growth in stablecoin adoption.

By Crypto FlexsJanuary 17, 20243 Mins Read
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Circle’s 2024 USDC Economic Report shows significant growth in stablecoin adoption.
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Leading financial technology company Circle recently released its 2024 State of the USDC Economic Report, marking an important milestone in the evolution of the digital currency. The report, titled ‘Welcome to the Open Money Era’, provides a comprehensive overview of USDC, a regulated stablecoin, its performance and adoption trends, particularly in the context of the global regulatory environment for payments stablecoins.

This report highlights USDC’s remarkable growth in the financial ecosystem. One notable statistic is that the number of USDC wallets increased by 59%, reaching approximately 2.7 million last year with a balance of at least $10. This growth signals the growing acceptance and use of stablecoins in the broader financial environment.

USDC has played a key role in settling over $12 trillion worth of blockchain transactions since its introduction in 2018. In 2023 alone, Circle facilitated the transfer of more than $197 billion between banking systems and blockchain networks through minting and redemption. Additionally, USDC participated in 595 million transactions from January to November 2023.

A groundbreaking technological advancement, Circle’s Cross-Chain Transfer Protocol (CCTP) further enhances the usability of USDC. Launched in April 2023, CCTP has already facilitated 66,500 transactions. This protocol reduces friction, increases safety and security, and reduces costs when sending USDC to different blockchains.

The report also highlights the efficiency and cost-effectiveness of USDC. Edo EthereumKnown for its high gas fees, USDC’s average cost per transaction was less than 1% of transactions in 2023. On other networks, like Solana, it was even less than a tenth of a percent.

Jeremy Allaire, Circle co-founder and CEO, reflected on USDC’s transformative impact in advancing financial inclusion and access. He said the journey is still in its early stages, but the 2024 report points out that momentum is growing. Allaire highlighted the new regulatory clarity around stablecoins and the adoption of this technology by mainstream financial institutions, fintechs, internet companies and enterprises, allowing USDC to play a central role in the new internet financial system.

The report also highlights USDC’s role in streamlining global finance, disrupting remittances, cross-border payments, aid spending, and charitable donations, and providing a stable store of value to counter the effects of high inflation. It is supported by case studies from leading financial service providers and technology leaders, including Visa, MoneyGram, Grab, Nubank, Stripe and Worldpay from FIS.

In the broader context of decentralized finance (DeFi), USDC remains dominant. Despite challenges such as the collapse of a major banking partner, USDC has maintained its position as an important stablecoin in the DeFi ecosystem. This resilience highlights the robustness of stablecoins and the trust they have earned from the market.

But it’s not all positive news. The report acknowledges the challenges facing USDC, particularly in terms of market capitalization. USDC’s market capitalization, which peaked at $56 billion in June 2022, has declined significantly, falling nearly 60% to just over $24 billion by mid-November 2023. Nonetheless, the stablecoin has rebounded in recent months, adding more than $1 billion to its market capitalization and ranking seventh among all digital assets.

The 2024 USDC State of the Economy report demonstrates the growing importance of stablecoins in the financial world. This highlights Circle’s commitment to fostering an inclusive, equitable and promising future and paving the way towards a more accessible and efficient financial system.

Image source: Shutterstock

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