As more tokens are minted, the USDC supply grows and likewise decreases when users exchange their USDC for USD. In 2020, this demand accelerated significantly as businesses around the world began to adopt USD Coin which quickly became known as the second-largest stablecoin by market capitalization.
The USDC price has held up amazingly close to its intended $1 peg, resulting in the USDC market cap chart looking quite similar to that of the circulating supply.
To gain insight into the remarkable success of USDC crypto, let’s take a look at some significant landmarks this stablecoin has achieved over time.
- 50 million: The supply of USDC first exceeded 50 million in October 2018
- 100 million: The first time that the supply of USDC exceeded 100 million was in October 2018
- 500 million: USDC hit a supply of 500 million for the first time in December 2019
- 1 billion: The first time that USDC reached a supply of 1 billion was in July 2020
- 5 billion: The supply of USDC first surpassed 5 billion in January 2021
- 10 billion: The first time that USDT hit a supply of 10 billion was in March 2021
- 50 billion: USDC reached a supply of 50 billion for the first time in February 2022