The stablecoin market, particularly USD Coin (USDC), is poised for significant developments in 2024. A new report by Circle indicates that USDC had over $197 billion in banks and blockchain transfers and facilitated over 595 million transactions in 2023. Despite the total circulating supply of USDC falling from $45 billion to $25 billion, the number of USDC wallets with a balance of at least $10 increased by 59% to 2.7 million in the past year. Circle CEO Jeremy Allaire has expressed optimism about the United States passing specific stablecoin laws this year, with consensus among the U.S. government, the Treasury Department, the Federal Reserve System, and both houses of Congress. Moreover, Circle has completed an upgrade to USDC, rolling out version 2.2, which could further solidify its position in the market, currently valued at $135.3 billion. Tether and USDC are expected to 'reign', especially if the Fed 'favors' the market with rate cuts, and USDC is increasingly used in Asia for non-speculative purposes like remittances and trade finance.
USD Coin (USDC) stablecoin issuer Circle has updated its stablecoin to version 2.2 https://t.co/nhaBQ37u4m
#Circle Completes #USDC Upgrade 2.2 Rollout https://t.co/JbHPCr0ydO
📣 Latest News: Circle CEO sees ‘very good chance' of stablecoin laws this year: Report #news #cryptonews #crypto #stablecoins
There’s a “very good chance” the United States could approve stablecoin laws in 2024, says @circle boss @jerallaire. https://t.co/4nM04x8zkD
Circle CEO Jeremy Allaire said that the United States is very likely to pass specific laws targeting the stablecoin market this year. The U.S. government, the Treasury Department, the Federal Reserve System and both houses of Congress share this will. https://t.co/n4JQeAEwjw
#Circle Completes #USDC Upgrade to Version 2.2 https://t.co/JbHPCr0ydO
Circle has released its 'State of the USDC Economy' report highlighting the stablecoin’s growth and changes since its launch in 2018. Even as its market cap has plummeted, the number of wallets holding USDC has grown by 59% in the past year to 2.7M. https://t.co/0FIsEwFBm6 https://t.co/kBG8TlF1am
JUST IN: 'Very good chance' that U.S. passes stablecoin laws this year for the $135.3 billion market - CNBC https://t.co/sTAFIIldEj
'Very good chance' that U.S. passes stablecoin laws this year, Circle CEO says https://t.co/ZLTEjk9Ruo
New @Circle USDC report found during 2023: - Circle had over $197B in banks and blockchain transfers - USDC facilitated over 595M txns - Total circulating USDC supply fell from $45B to $25B - About 2.7M USDC wallets had a balance of $10 or more, up 59% in the past year
.@circle says its stablecoin USDC is used for more than just speculative trading in Asia, and has new use cases for things such as remittances and trade finance, @thesamreynolds reports. https://t.co/brJV2IQ9le
In conclusion: In 2024, stablecoins will lead payments and trade, thanks to: regulations! Tether and USDC will 'reign', especially if the Fed 'favors' us with rate cuts.