Since its launch in 2018, Circle has facilitated over $850 billion in transactions between fiat currencies and supported blockchains, marking a significant milestone in its 2024 report.
This achievement shows USDC’s role as a vital bridge between traditional finance and blockchain technology.
The stablecoin network empowers banks, payment providers, businesses, and consumers to conduct real-time global settlements with minimal transaction costs and broad accessibility.
USDC’s widespread adoption has made it a crucial connector for major banks, regional financial institutions, payment platforms, businesses, and individuals, supporting millions of users worldwide.
Circle is a financial technology company focused on leveraging blockchain technology to modernize global finance. It is the issuer of USD Coin (USDC), a widely used stablecoin.
USDC is a digital currency pegged to the US dollar, meaning each USDC is backed by $1 held in reserve. It allows users to perform fast, secure, and low-cost transactions globally, bridging traditional financial systems with blockchain networks.
Per Circle, USDC is now accessible to over 500 million users through digital wallets and consumer apps which positions it as a strong competitor in the digital dollars market alongside USDT and DAI.
Tether, the issuer of USDT stablecoin, revealed that as of December 2024, over 109 million users held its stablecoin in their wallets.
Cirlce also noted achieving another milestone for USDC in 2024 – the adoption by Binance, the world’s largest cryptocurrency platform according to trading volume and number of users.
Binance has integrated USDC into its corporate treasury, expanding access to over 250 million users worldwide. This move facilitates seamless trading, saving, and transactions using USDC.
This integration has had a significant impact, allowing Binance users to engage in a variety of activities involving USDC, such as trading, saving, and making transactions not only with USDT, but Circle’s USDC.
The Proof of Reserve for Binance on January 1, 2025, shows customer net balance of over $2.4 billion for USDC, with the exchange’s net balance exceeding $3.2 billion.
This is higher than the figures on January 1, 2024, when the customer net balance was more than $700 million and the Binance net balance was over $800 million, indicating an increase since then. USDC also partnered with payment platforms such as Pockyt, BVNK, Thunes, RedotPay, to increase adoption in 2024
Circle also highlights its Cross-Chain Transfer Protocol (CCTP), a technology that enables USDC to move seamlessly across supported blockchain networks, addressing a long-standing compatibility issue in the digital currency space.
According to Circle, by the end of 2024, this protocol had already facilitated over $20 billion in USDC transfers across various blockchain networks.
