Circle’s USDC Stablecoin Hits $50B in Circulation
The company published its latest attestation report, giving more details about its assets.
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Circle’s USDC stablecoin just passed $50 billion in total circulation, according to a recent attestation report. While still the second biggest stablecoin by total assets, it is moving closer to frontrunner Tether.
Circle’s total USDC supply grew from $42.4 billion in December to $50 billion in January, a growth of 18% in just one month. On the company's website, USDC's supply is even larger, at $53.3 billion as of Monday.
Tether remains the biggest stablecoin issuer to date with $78.6 billion in total supply, according to its December report.
Circle’s USDC supply jumped almost 100% in the last six months of 2021, while Tether’s USDT grew by just 25% in the same period.
One key difference between USDT and USDC is the assets that back each one. Tether still holds $24.2 billion, a little over 30%, of its assets in commercial paper, while Circle has 100% of its assets in cash or U.S. bonds.
In July 2021, the Boston-based company announced it would go public via a special purpose acquisition company (SPAC). Last week, Circle said that the deal values it at $9 billion.
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Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.