Circle's USDC stablecoin reached $60 billion in market capitalization this week, a record high driven by institutional adoption following passage of the Stablecoin TRUST Act in March. The milestone marks a complete recovery from USDC's 2023 low of $24 billion after the Silicon Valley Bank liquidity scare.
Monthly USDC transfer volume on Ethereum and Solana combined exceeded $950 billion in April — more than double the $420 billion recorded a year ago. Circle attributes the growth to three segments: cross-border B2B payments (up 340% YoY), DeFi protocol collateral, and treasury management by crypto-native firms.