According to a report by Circle, the market capitalization of the stablecoin USD Coin (USDC) may have decreased in 2023, but its holders still managed to carry out 595 million transactions from January to November.
The report also notes that the blockchain ecosystem is growing at a rate similar to the early days of the Internet in the 2000s.
The popularity of the World Wide Web has grown significantly since the 1990s, with the number of users increasing from 7% to 60% of the world’s population.
This same level of development can be seen in blockchain-based projects. In the past year, the number of wallets holding at least $10 in USDC has increased by 59% to reach 2.7 million. Since 2018, the total value of USDC transactions has exceeded $12 trillion.
The stablecoin issuer emphasized that last year alone, the volume of transactions, including token issuance and redemption, reached close to $200 billion. Circle CEO Jeremy Allaire has urged authorities to expedite the implementation of regulatory frameworks for stablecoins.
