Solana, USDC, and the Remarkable Growth of Dollar Digital Currencies

Since launching on Solana just over one year ago, USD Coin (USDC) has seen incredible adoption across one of the most performant and popular Layer 1 blockchains in the crypto ecosystem, now among the top 10 most valuable protocols. The Solana market cap has grown from less than $100 million this time last year to more than $60 billion today, making it one of the fastest growing projects in the history of crypto.

The Solana USDC market cap is now over $3 billion, facilitating millions of dollars in trading value across multiple exchanges every day. Well respected, high-volume exchanges including Binance, OkEx, Huobi, Bitfinex and many more are now home to dollar digital currencies like USDC, offering numerous trading pairs for both cryptocurrencies and other fiat-pegged digital assets. What’s more, USDC transactions on Solana are nearly instant and highly cost-effective, making it easy to send value around the globe for consumers and businesses alike. 

In the past three months alone, USDC in circulation on Solana has increased more than 220%, with no signs of slowing down. Elsewhere too, on protocols like Ethereum, Algorand, TRON, Stellar, and Hedera, USDC in circulation continues to grow as more users realize the benefits of using dollar digital currencies in their day-to-day operations. We’re honored to partner with leaders in the mission to bring dollar digital currencies to an expanding audience, and remain passionate about  helping businesses all around the world increase their efficiency and play their part in the digital economy.

USDC Turns Three

We’re also excited to celebrate another recent digital currency milestone—USDC launched on the Ethereum blockchain just over three years ago this month and has now grown to a circulating supply of more than 35 billion, for an annualized growth of approximately 12 billion per year since being introduced. The momentum powering the growth of USDC has been nothing short of remarkable over these past three years, and with USDC available across a growing number of blockchains (with more on the way), we can’t wait to see what happens over the next three years.