The number of wallets containing at least 10 USDC increased by 59% in 2023
The State of the USDC Economy report from Circle provides a current overview of the use of USDC. Despite a significant decrease in the circulating money supply, indicators suggest a growing acceptance of USDC. Over the course of the year, over $197 billion in USDC was created or destroyed.
Growth and stability of USDC
2023 was a turbulent year for USDC, with a temporary loss of its peg in March during a banking crisis in the United States. However, the stability of USDC was quickly restored through the intervention of the Federal Reserve.
The supply of USD Coin in circulation decreased from $45 billion to $25 billion in the first 11 months of 2023, a decrease of about 44%, while the number of wallets containing more than $10 USDC increased to over 2.7 million, a 59% increase compared to 2022.
The USDC market volume share on CEX has more than doubled since last January, also contrasting with the declining market capitalization of the stablecoin.
Developments and expansion of USDC
The early weeks of 2024 have been marked by the news of an upcoming IPO for Circle, with the giant aiming to raise funds for the future development of the USDC ecosystem. Additionally, a partnership with Yellow Card aims to expand the use of USDC in Africa.
