Chiara Bianchi
The circulating supply of USD Coin (USDC) has soared to just under $61 billion as of April 19, marking a significant increase of $17 billion from the start of the year โ a 38.6% rise that is drawing attention across both crypto and traditional finance sectors.
In contrast, Tether (USDT) has grown at a slower pace in 2024, expanding from $138 billion to $145 billion, indicating a more modest growth trajectory. Despite this, USDT remains the largest stablecoin by market share.
Ethereum Leads as the Primary Home for Stablecoins
Of the total $226 billion in stablecoins currently in circulation, Ethereum continues to dominate with $130 billion hosted on its network. The remainder is spread across other chains such as TRON and Solana, which still see strong stablecoin activity, but not at Ethereumโs scale.
Regulatory Trust Drives USDCโs Rapid Climb
The sharp increase in USDC supply is strongly linked to growing trust from institutional investors, thanks to regulatory transparency and Circleโs compliant operational structure. Circleโs ongoing preparations for a public listing (IPO) have also boosted investor confidence, making USDC the go-to option for financial entities operating under strict regulatory frameworks in both the United States and the European Union.
With clear reserves, audited practices, and alignment with regulatory expectations, USDC is fast becoming the favored stablecoin for regulated institutions and DeFi protocols alike.
The Stablecoin Shift: Why USDC Might Be Winning Over Institutions
Although USDT still holds the top spot in terms of market size, the momentum is clearly shifting. The growth disparity between the two stablecoins is becoming more noticeable, especially among institutional users who are prioritizing compliance, transparency, and long-term security.
The nearly 1:1 conversion rate between USDC and USDT has made it easy for users to switch stablecoins, especially those migrating to USDC for regulatory or strategic reasons.
