PANews reported on January 14 that according to Cointelegraph, after Circle's stablecoin USDC's market value declined in 2023, its market value has surpassed all other stablecoins in terms of growth in 2024. In the third "USDC Economic Status Annual Report" released on January 14, Circle stated that the circulation of USDC increased by 78% year-on-year, exceeding the growth rate of all stablecoins in the world.
A Circle spokesperson said: "USDC's growth in 2024 can be attributed to a combination of factors: the growing maturity of regulatory clarity in major markets, the scalability of blockchain infrastructure, and Circle's continued focus on trust, transparency, and utility." USDC is the second largest stablecoin by market value, second only to Tether's USDT, with a market value of $24.4 billion at the beginning of 2024 and a 79% increase to $43.9 billion by the end of the year. Despite the significant growth in 2024, USDC's market value is still about 22% lower than its all-time high of $55.9 billion set in June 2022.
Compared to USDC, Tether’s USDT has seen more modest market cap growth in 2024, with its market cap increasing by about 50% from $91.7 billion at the end of 2023 to $137.5 billion at the end of 2024. However, unlike USDC, USDT’s 50% growth in 2024 marks a continued rise for the stablecoin, whose market cap hit an all-time high last year. Since the end of 2020, USDT’s market cap has surged 552%, while USDC has risen 1,135%. On the other hand, USDT’s market cap has increased 74% since 2021, while USDC’s market cap has only increased 8.8% since the end of 2021.