USDC’s Circulating Supply Doubles in a Year—What’s Behind the Growth?

TL;DR USDC’s circulating supply has nearly doubled from its 2023 lows, reaching approximately $44 billion as of January 2, 2025. The growth is driven by increased on-chain activity, particularly on alternative layer-1 networks like Solana and Hyperliquid. Diversification across blockchain networks and the rising adoption of DeFi applications have also contributed to USDC’s significant... source: https://crypto-economy.com/usdcs-circulating-supply-doubles-in-a-year-whats-behind-the-growth/