Circle’s USDC Supply Hits New All-Time High as Global Expansion Take Shape

Key Takeaways

• Circle’s USDC has reached a record high of over $60 billion in circulation.
• Circle has strengthened its global presence by complying with international regulations.
• Despite USDC’s growth, Tether (USDT) remains the dominant player in the stablecoin market.

Circle’s USDC has surpassed 60 billion in circulation, setting a new all-time high.

The surge reflects growing demand for the second-largest stablecoin as it expands its presence in both decentralized finance (DeFi) and traditional financial sectors.

However, despite its expanding adoption, USDC still lags behind Tether’s USDT. 

Circle’s Regulatory Compliance Drives Adoption

A key factor in USDC’s expansion has been Circle’s focus on regulatory compliance.

The company has worked closely with global regulators, positioning USDC as a transparent alternative to other stablecoins.

While this has strengthened its appeal to institutional users, it also comes amid growing regulatory scrutiny on stablecoin issuers.

In Japan, Circle secured a major regulatory win, becoming the first stablecoin issuer approved after two years of engagement with authorities.

Its local subsidiary, Circle Japan KK, will offer USDC through a partnership with SBI Holdings, beginning with a listing on SBI VC Trade on March 26. Other major exchanges, including Binance Japan and Bitbank, are expected to follow

USDC is also gaining traction in Europe, where regulatory shifts are reshaping the stablecoin landscape.

Binance and other exchanges have announced plans to delist non-compliant stablecoins, including Tether’s USDT, in the European Economic Area.

To encourage users to transition, some platforms are offering incentives and recommending conversions to USDC.

In the U.S., stablecoin regulations are becoming a priority under the new administration.

Circle stands to benefit from this shift, as proposed legislation like the GENIUS Act and other stablecoin bills favor compliance-focused issuers. If enacted, these regulations could further accelerate USDC’s adoption.

USDC Still Trails Tether’s Market Dominance

Despite its regulatory advances and growing global footprint, USDC remains far behind Tether’s USDT in total market capitalization —$60.17 billion for USDC versus $144.05 billion for USDT.

Tether continues to control approximately 70% of the market, benefiting from its entrenched position and widespread adoption across trading platforms.

While Circle has made significant strides in regulatory compliance and institutional adoption, Tether’s long-standing dominance and deeper liquidity give it a competitive edge.