- Circle’s USDC growth shows key market impact and insights.
- USDC’s circulation increased by 78% year-over-year.
- Stablecoins saw extensive institutional OTC volume growth.
Circle’s USDC reported a remarkable 29-fold year-over-year growth in Q1 2025, seizing 74.6% of institutional OTC market volume globally, according to Finery Markets.
USDC’s growth highlights Circle’s success in capturing significant market share, illustrating the stablecoin’s rising institutional adoption and increased regulation compliance.
Circle’s USDC recently demonstrated a substantial 29-fold growth in institutional over-the-counter (OTC) turnover within the first half of 2025. According to Finery Markets, USDC constituted 74.6% of the institutional OTC market volume. The rise in USDC adoption has been partially attributed to compliance with the EU’s MiCA framework and Canadian listing rules. Jeremy Allaire, Circle’s CEO, emphasized the company’s focus on trust and transparency, which were key to their successful public listing on the NYSE.
The notable increase in USDC circulation, registering a 78% year-over-year rise, placed USDC’s monthly transaction volumes at $1 trillion by late 2024. Circle’s IPO, marked under ticker “CRCL,” saw its market cap surge to $63 billion, exceeding the active USDC in circulation. The substantial growth also led to increased activity within decentralized finance (DeFi), driven by heightened demand for USDC as a primary settlement asset across Ethereum and other major blockchain networks.
Our transformation into being a public company is a significant and powerful milestone — the world is ready to start upgrading and moving to the internet financial system. From inception, we have been deeply focused on being trusted, transparent, compliant, ethical and well governed. Holding ourselves to the high standards of the NYSE and SEC rules and regulations further deepens those attributes. — Jeremy Allaire, Co-Founder and CEO of Circle, Circle Pressroom.
Institutional confidence has been bolstered by USDC’s robust regulatory measures and consistent compliance, leading to greater global payment use and revenue upsurges for Circle, notably from reserve holdings. The adoption has led to higher total value locked in DeFi protocols and a strategic advantage for Ethereum as a primary settlement network. Circle’s IPO, underwritten by major financial institutions, highlighted substantial institutional trust. Community sentiment followed positively, with USDC’s expansion fostering further regulated stablecoin adoption within the industry.
Potential outcomes include further financial growth from USDC’s adoption in traditional and digital finance sectors. Historical growth trends indicate ensuing inflows into prominent DeFi protocols and an increase in total value locked. The shifts underscore USDC’s role as a core settlement and liquidity instrument within the cryptocurrency landscape, strengthening its position amid escalating market demands.
