Circle’s stablecoin, USDC, has more than $50 billion in circulation.
The circulating USDC stablecoin has surpassed $50 billion, according to the company’s latest attestation on assets.
USDC is still the second largest stablecoin in terms of total assets, but continues to approach the USDT of Tether, which is ranked number one.
Circle’s total supply of USDC increased from $42.4 billion in December to $50 billion in January and experienced growth within a month. The total supply reached $53.3 billion, according to the company’s website.
According to Tether’s December report, USDT supply is at the level of 78.6 billion dollars. USDT remains the largest stablecoin.
Circle’s USDC supply has increased by almost 100% in the last six months of 2021, while USDT supply has increased by 25% over the same period.
The key difference between USDT and USDC is the assets that support each. Tether has $24.2 billion, just over 30% of its assets, while Circle holds 100% of its assets in cash or bonds.
Circle announced that it will go public through SPAC in July 2021. The deal is worth $9 billion, according to the company’s statement.
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