Circle's US Dollar Coin (USDC) has seen a significant increase in trading over the past year amid an evolving regulatory landscape.

According to a joint report with Decryption With Circle, USDC trading is up 78% year over year, reaching over 500 million end users worldwide. Monthly transaction volume exceeded US$1 trillion in November 2024, with the all-time total transaction volume exceeding US$20 trillion.

Circle highlighted its compliance with the European Union's Markets in Cryptoassets (MiCA) regulation and Canadian listing rules in 2024. Tether (USDT), the leader in the stablecoin market, has not been proactive. Coinbase's European operation has removed it from the list, Binance, the world's largest cryptocurrency exchange, announced... Partnership with the department Earlier this year.

Back in 2022, USDC came close to pulling even with USDT's market capitalization yet to come TerraUSD $40 Billion Collapse Panic markets. But it was only a tight, short-lived race.

Over the past 30 days, USDT's market capitalization has fallen from over $140 billion to just over $137 billion – a decline of approximately 2.15%. USDC, on the other hand, has seen its market cap grow from around $42 billion to its current value of close to $46 billion — an increase of more than 9.5%, according to CoinGecko.

According to the report, the weekly transfer volume of EURC, which is equivalent to USDC in euros, has reached more than 1 billion US dollars as the European market continues to develop. Dante Disparte, chief strategy officer and head of global policy at Circle, highlighted the importance of the company's focus on compliance.

“This progress not only enhances regulatory clarity for stablecoins, but also ensures that digital dollars like USDC serve as a force for global economic inclusion,” he said. A Circle spokesperson told Decrypt that the company has also worked on adoption by the unbanked by partnering “with organizations like MoneyGram and Chipper Cash to create accessible at-home and out-of-home methods for the digital dollar, enabling users to convert USDC into local currencies.” "Smoothly."

According to the report, Circle's USDC has linked more than $850 billion between fiat currencies and is now backed on 16 blockchains. Circle's cross-chain transfer protocol, which supports transfers across multiple blockchain networks, has processed more than $20 billion in USDC transactions.

Department executives emphasize the role of stablecoins in expanding economic opportunities and maintaining regulatory standards. It highlights USDC's position as a nexus between traditional and digital finance and its ability to create a more accessible online financial system.

Looking to the future, a Circle spokesperson said the company expects “significant growth in areas such as global payroll, token commerce and finance, supplier payments, and point-of-sale adoption.” Furthermore, “integrating stablecoins into traditional payment networks, such as Mastercard and Worldpay, will expand access to digital payments for businesses and consumers.”

Modified by Stacey Elliott.