Circle's USDC Stablecoin Surges by $5 Billion in One Week

Circle's USDC stablecoin has seen significant growth in its circulating supply over the past week, reaching nearly $74 billion. According to DefiLlama, the stablecoin's market capitalization rose by 2.67% in seven days.

The company minted approximately $5 billion in USDC during this period, pushing the total circulating supply of the stablecoin to a new high. This surge in demand is part of a broader trend in the stablecoin market, which now stands at over $303 billion.

Tether's USDT remains the largest stablecoin by market capitalization, with a value of $183.17 billion. Circle's expansion into cross-border payments and its partnership with Onafriq on USDC-based settlement across African markets are also contributing to the growth of the stablecoin.