Circle has launched its State of the USDC Financial system report highlighting the stablecoin’s progress and modifications since its launch in 2018.

In response to the 23-page report, the variety of wallets holding greater than $10 of USDC has grown by 59% previously 12 months to 2.7M. The corporate additionally touts 595M transactions by the tip of November 2023.

Circle writes that “first impressions are arduous to shake,” referencing the usage of stablecoins for leveraged hypothesis. In 2019, each greenback of non-USDC stablecoins supported roughly $5 of crypto each day buying and selling quantity, though that has modified.

The corporate claims that stablecoin utilization for hypothesis is dwindling, with USDC dropping greater than 90% when it comes to leverage since 2019. Its flagship token has additionally been used to ship worth price $12 trillion since its inception.

The report goes on to highlight dozens of use instances and partnerships – together with support organizations just like the Worldwide Rescue Committee and international HR platform Deel – throughout each rising and creating markets.

USDC market share dwindles

Notably, whereas Circle emphasizes progress throughout all of its metrics – highlighting its partnership with BlackRock, the world’s largest funding agency that manages most of USDC reserves – USDC’s market capitalization has been in free fall since early March 2023.

Peaking in June 2022 at $56B, the stablecoin plummeted to its lowest level in 2 years when it bottomed out in mid-November 2023, with a market cap of simply over $24B. That’s an almost 60% drop, as per Coingecko.

The digital greenback has bounced again in latest months, nevertheless, including barely greater than $1B to its market cap. It ranks seventh amongst all digital property, trailing the main stablecoin in the marketplace, USDT, by practically $70 billion.