The market capitalization of the USD Coin (USDC) stablecoin from the Centre consortium rose above $20 billion. Since January 2021 the metric has risen sixfold.
20 Billion USDC in circulation. 500% growth since Jan 1. USDC now 8th largest cryptocurrency. Let’s go! pic.twitter.com/k25TbbQZuv
— Jeremy Allaire (@jerallaire) May 23, 2021
USDC ranks eighth in CoinGecko with a total market value of $20.55 billion. The $10 billion mark was surpassed in March 2021. It is the second-largest by market capitalization among stablecoins.
According to TheBlock, the aggregate market capitalization of the stablecoin market is estimated at $98.76 billion. USDC’s share of the total supply stands at 20.25%. The dominance index of the segment’s perennial leader — Tether (USDT) — is at 62.58%.
On May 24, Tether’s market capitalization surpassed $60 billion. In May 2020 the figure stood at $8 billion — over the year it grew nearly sevenfold.
Tether has just surpassed a $60B market cap!
In May 2020, #Tether tokens’ market cap was $8B, now a year on we’ve seen an increase of 581% and demand for Tether token use higher than ever for both trading and retail adoption! pic.twitter.com/7EPeBAEfFh— Tether (@Tether_to) May 24, 2021
Earlier ForkLog wrote that USDC issuance pace surpassed the metrics of USDT.
In February 2021 the Centre-issued stablecoin launched on the Stellar blockchain. The asset is also available on Ethereum, Algorand and Solana.
In May, the fintech startup Tala said that, in collaboration with the payment system Visa will allow customers to use USDC to pay for goods and services.
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