In 2024, the market value of Circle’s stablecoin USDC will increase by 78% year-on-year, with a growth rate exceeding Tether’s USDT

PANews January 14 news, according to Cointelegraph, after the market value of Circle’s stablecoin USDC declined in 2023, its market value surpassed all other stablecoins in terms of growth in 2024. Circle stated in its third "USDC Economic Status Annual Report" released on January 14 that the circulation of USDC increased by 78% year-on-year, exceeding the growth rate of all stable coins in the world.

A Circle spokesperson said: “The growth of USDC in 2024 can be attributed to a combination of factors: increasing regulatory clarity in major markets, the scalability of blockchain infrastructure, and Circle’s continued focus on trust, transparency, and utility. "USDC is the second-largest stablecoin by market capitalization, after Tether's USDT, with a market capitalization of $24.4 billion at the beginning of 2024, which increased by 79% to $43.9 billion by the end of the year. Despite substantial growth in 2024, USDC’s market capitalization remains approximately 22% below its all-time high of $55.9 billion in June 2022.

Compared to USDC, Tether’s USDT will see more modest market capitalization growth in 2024, with its market capitalization growing from $91.7 billion at the end of 2023 to $137.5 billion at the end of 2024, an increase of approximately 50%. However, unlike USDC, USDT’s 50% growth in 2024 marks the continued growth of the stablecoin, whose market capitalization hit an all-time high last year. Since the end of 2020, USDT’s market capitalization has soared 552%, while USDC has gained 1,135%. On the other hand, USDT’s market capitalization has increased by 74% since 2021, while USDC’s market capitalization has increased by only 8.8% since the end of 2021.