emre yumlu 
USDC rebounded in 2024 with impressive growth after a 45% market value decline in 2023.
Circle’s USD Coin outpaced all other stablecoins in market value growth in 2024. Following the decline in 2023, the circulation of USD Coin grew by 78% year-over-year in 2024, surpassing the growth rate of all global stablecoins. Circle revealed this data in its third annual USDC Economic Outlook Report published on January 14.
Circle Spokesperson: “The growth of USDC in 2024 was driven by a combination of maturing regulatory clarity in major markets, scalability of blockchain infrastructure, and our focus on trust, transparency, and usability,” they said.
This surge in USDC in 2024 came after a 45% decline in market value in 2023 due to the collapse of Silicon Valley Bank (SVB).
USDC Still 22% Below Its Market Value Peak
USDC, the second-largest stablecoin by market value after Tether’s USDT, started 2024 with a market value of $24.4 billion, and by the end of the year, it had increased by 79%, reaching $43.9 billion.
Despite its significant growth in 2024, USDC is still about 22% below its market value peak of $55.9 billion recorded in June 2022.
USDC faced banking issues in 2023. Circle struggled in 2023 when it couldn’t withdraw part of USDC’s $40 billion reserves from SVB. This led to a major sell-off of USDC, causing it to temporarily lose its peg to the US dollar.
USDC and USDT: Recovery or Continuous Growth?
Compared to USDC, Tether’s USDT saw more modest growth in 2024, increasing its market value by 50%. USDT’s market value grew from $91.7 billion at the end of 2023 to $137.5 billion by the end of 2024.
However, unlike USDC’s recovery, USDT’s 50% growth reflects the stablecoin’s continuous growth, enabling its market value to reach new all-time highs.
Since the end of 2020, USDT’s market value has increased by 552%, while USDC has seen a rise of 1,135%.
On the other hand, since 2021, USDT’s market value has grown by 74%, while USDC’s market value has increased by only 8.8% since the end of 2021.
Circle’s Praise for Regulatory Clarity Amid Industry Uncertainty Concerns
In its 2025 report, Circle stated that the rapid adoption of USDC reflects increasing regulatory clarity for stablecoins and positions its leadership as a benchmark for security and transparency in the space.
The company pointed to regional regulatory developments, particularly the European Crypto Asset Market Regulation (MiCA), noting that it became the first stablecoin issuer licensed under MiCA in July 2024.
Circle Spokesperson: “While USDC’s growth has been broad-based, we have seen strong adoption, especially in regions where regulatory clarity has enabled stronger integration of digital assets with traditional finance, notably in the European Union under MiCA and in emerging markets where remittances and cross-border payments are critical,” they said.
While Circle praised regulatory clarity, some industry executives, such as BitGo stablecoin director Ben Reynolds, emphasized that regulatory uncertainty and the need for greater transparency would continue to be significant challenges in 2025.
Circle Investing in Stablecoin Regulations in the UK, Brazil, Singapore, and Japan
Circle noted in its report that USDC is available in over 180 countries and that the company is on a mission to serve 1.5 billion unbanked or underbanked individuals globally.
In 2024, the main USDC markets were regions with high remittance activity, such as Latin America, Africa, and Southeast Asia; in these areas, stablecoins offer cheaper and faster solutions as alternatives to traditional payment methods. Circle’s spokesperson mentioned that the company expects stablecoin regulations to develop in countries like the UK, Brazil, Singapore, and Japan in 2025.
“The UK, Brazil, Singapore, Japan, and other jurisdictions around the world are working to bring consistent and clear regulations for stablecoins. This will ensure that all players in the industry operate under the same high standards,” said the representative.