We’re taking a closer look at the State of the USDC Economy Report presented to attendees at Davos 2023…
The USDC ecosystem has experienced remarkable growth over the past five years, following the launch of USDC in September 2018. Leaders in the global payments industry including Checkout.com, Mastercard, Visa, and Worldpay from FIS are taking note of the remarkable potential for USDC to streamline and strengthen international payments infrastructure, and we’re excited to roll out additional payments capabilities in 2023.
With more than 340 partners, protocols and applications already building with USDC, it’s an exciting time for businesses and developers to continue learning about the utility value of stablecoins and blockchain technology. From peer-to-peer and merchant payments that can settle in seconds to corporate payroll or bringing greater financial access to underbanked communities, the USDC economy is growing stronger every day.
USDC is the leading stablecoin on blockchains including Avalanche, Ethereum, Polygon and Solana, with a combined on-chain total of more than $43 billion in circulation as of January 4, 2023. Circle is on the leading edge of making dollar digital currency accessible around the world. As use cases and adoption continue to proliferate, blockchain interoperability will likely be needed to provide a user experience that can compete with existing products and services.
To that end, the forthcoming Cross-Chain Transfer Protocol (CCTP) is a new, more secure way for applications and wallets to move native USDC between supported blockchains, no bridging required. The CCTP will help USDC serve as a universal dollar liquidity layer between some of the world’s most popular blockchains, and will help developers abstract away complexity from cross-chain swaps to create a more seamless user experience throughout the crypto ecosystem.
The USDC economy represents the potential for a paradigm shift in the way value moves around the globe. Find out more in the State of the USDC Economy Report.