Today Circle published its annual report on the USDC stablecoin, providing some impressive figures. Cumulative transaction volumes have reached $18 trillion, showing 50% year-on-year growth, with $1 trillion in transactions in November alone. The number of wallet holders (with $10+) is up 45% to 3.9 million, following 59% growth the previous year.
Stepping back, the promise of stablecoins is cheaper faster payments, particularly cross border. A stablecoin potentially reduces the number of intermediaries because the token IS the money. This contrasts with conventional payments that rely on messaging, one or more intermediary banks, and multiple KYC and AML checks. Digital asset transactions still dominate stablecoin payments, but there are signs of increasing real world growth in cross border payments.
Circle highlights three tailwinds to spur further growth. They are increasing regulatory clarity, cheaper and more scalable public blockchains, and stablecoins becoming more accessible. We’ve highlighted several examples of improved retail user interfaces and infrastructure being built for B2B payments, such as BVNK and Stripe’s acquisition of Bridge.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
