Breaking: Circle’s USDC Surges 434% as Stablecoin Market Booms
In a significant development for the cryptocurrency market, Circle’s USDC stablecoin has seen its share price soar to a new high of $165.60 on June 16. The subsequent settlement at $151.06 has boosted its market capitalization to a staggering $33,617 billion. This represents a 434% increase compared to its issue price of $31, underscoring the growing investor interest in the stablecoin issuer behind USDC.
Growth Reflects Broader Stablecoin Market Expansion
According to WU Blockchain, this surge in Circle’s value is part of a broader expansion within the stablecoin market. USDC remains the second-largest stablecoin by market capitalization at $61.58 billion, trailing only Tether’s USDT, which dominates the sector at $155.51 billion.
Top 10 Stablecoins Overview
WU Blockchain has provided a comprehensive overview of the leading stablecoins based on market capitalization, issuers, and securing structures. The top 10 projects include:
- USDT (Tether): $155.51 billion; covered by USD reserves and US state bonds.
- USDC (Circle): $61.58 billion; protected by cash and short-term government bonds.
- USDS (Sky Protocol, formerly Makerdao): $6.91 billion; covered by ETH and government bonds.
- Usde (Ethena Labs): $5.98 billion; consists of ETH, LSTs, and delta-neutral securities.
- USD1 (Wlfi): $2.19 billion; tied to short-term government bonds.
- FDUSD (First Digital, Hong Kong): $1.51 billion; covered by USD bank equivalents.
- Pyusd (PayPal via Paxos): $0.96 billion; supported by reserves and government bonds.
- Xaut (Tether): $0.83 billion; gold-backed.
- Paxg (Paxos): $0.82 billion; gold-backed.
- TUSD (TrustKote): $0.49 billion; covered by USD reserves.
A Market with Growth Potential
Circle’s rapid growth highlights how centralized stablecoin issuers benefit from increasing institutional demand and regulatory clarity. As governments worldwide work on regulatory frameworks for stablecoins, the market is moving towards greater transparency and higher quality of collateral. The robust market capitalization of the top 10 stablecoins signals a maturing sector where Circle and Tether remain dominant forces shaping its development.
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