USDC Sets All-Time High Market Cap Above $60 Billion as Adoption Surges

Circle USDC Stablecoin Market Cap has a new all time high and surpassed $ 60 billion for the first time.

Artemis Analytics -Data to show USDC now has a share of 25.4% in the Stablecoin market, compared to 20.7% three months ago.

But the digital dollar, published by Circle, remains streets behind Tether. The total value of USDT is currently $ 144 billion-which is about 63% of this still settling sector.

All this comes against a background of the growing demand for Stablecoins, not to mention important legal shifts.

New USDC worth around $ 16.5 billion has been struck in the last three months compared to the $ 4.7 billion USDT that the circulation went.

The arrival of Europe’s Mica regulations, which were fully put into operation on December 31 last year, are a major factor here.

USDC had become the first Stablecoin to reach full compliance with these new standards, with Circle selecting France as its European headquarters.

On the other hand, Tether has been removed by a flurry of stock markets about the EU because it has no E-money permit on the continent.

Coinbase Europe was one of the first to remove USDT from his platform in December, with Binance followed earlier this month.

A report that was recently shared with Decrypt For each circle, USDC circulation also grew by 78% in the course of 2024.

The status of Tether in the Stablecoin market could be further weakened, because the genius law makes its way through the congress in the US. The bill offers clear provisions that tackle everything, from reserve requirements to audits – both areas where Tether has received criticism in the past.

But just last week, Tether is in conversation with a large four accountancy firm – PWC, EY, Deloitte or KPMG – to be independently checked, according to a report on Friday Reuters.

Regulators and legislators have previously asked questions about whether USDT is supported by US dollars, where JPMorgan claims that Tether may have to discharge the Bitcoin that it has in reserve to achieve compliance.

That led to a rapid reprimand of a spokesperson for a tether who told it Decrypt Last month that would be adaptation to any new requirements ‘simple’.

Published by Stacy Elliott.