The stablecoin is also more widely distributed across blockchain networks.
The circulating supply of Circle’s United States dollar-backed stablecoin, USD Coin (USDC), has risen 80% from cyclical lows as onchain activity picks up, according to data from Blockworks Research.
As of Jan. 2, USDC’s circulating supply is approaching $44 billion, nearly double the 2023 low of less than $24 billion, according to CoinGecko.
Meanwhile, holdings are more evenly distributed among blockchain networks as users migrate beyond Ethereum, Blockworks data analytics manager Dan Smith said in a Jan. 2 post on the X platform.
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