DAVOS, Switzerland, Monday, February 19, 2024 – Global financial technology firm Circle released its second annual State of the USDC Economy Report on January 15, 2024, titled “Welcome to the Era of Open Money.”
The report 1 paints a picture of significant growth and adoption for USDC, a regulated stablecoin pegged to the US dollar.
Circle reports impressive growth for USDC in its 2024 State of the USDC Economy Report, titled “Welcome to the Era of Open Money.”
The report highlights the significant expansion and adoption of USDC, a regulated stablecoin pegged to the US dollar.
“In the coming years, we expect millions of businesses and billions of people to begin using this new, open Web3 internet layer to transact trillions of dollars in value,” it said in its report’s Dynamic Page Interface. 1
Several key findings have been included regarding the widespread adoption and impact of USDC.
Firstly, the report highlights an increase in adoption, with the number of USDC wallets holding at least $10 experiencing a remarkable 59% year-on-year surge, totaling approximately 2.7 million wallets.
The USDC is also bridging traditional and digital finance. In 2023 alone, $197 billion had been transferred between the banking system and blockchain networks through USDC minting and redemption processes.
The data also reflects a high level of transaction activity, with 595 million transactions completed using USDC between January and November 2023, according to the report.
The ecosystem surrounding USDC has also been enhanced with the successful launch of the Cross-Chain Transfer Protocol (CCTP) in April 2023. The protocol facilitated 66,500 transactions, contributing to the increased usability of USDC across different blockchains.
The report also emphasizes USDC’s efficiency and cost-effectiveness, with average transaction costs remaining below 1% of the transaction value on Ethereum in 2023 and even lower on other networks. This makes USDC an attractive option for various use cases within the growing digital asset space.
- Circle’s USDC Economy Report: https://www.circle.com/reports/state-of-the-usdc-economy[↩][↩]
