USDC Circulation Surge Becomes New Engine for Stablecoin Development
Circle's latest financial report shows that as of June 30, 2025, USDC's annual circulation increased by 90% year-on-year, reaching $61.3 billion, and further rising to $65.2 billion on August 10. This growth highlights USDC's dominant position in the stablecoin market and reflects its important role in blockchain financial infrastructure.
Revenue Growth and Structural Optimization
In tandem with revenue growth, Circle's revenue and reserve income increased by 53% year-on-year, reaching $658 million, while adjusted EBITDA also rose by about 52%, outperforming expectations. Despite a loss of $482 million due to non-cash expenses related to the IPO, the performance trend clearly reveals the ongoing expansion of the business value behind USDC.
Regulatory Push for Stablecoin Compliance
The GENIUS Act passed in the U.S. establishes a federal regulatory framework for stablecoins, clearly stipulating that issuing entities must hold reserves in a 1:1 ratio with cash or short-term government bonds, enhancing institutional confidence in stablecoins like USDC. This policy backdrop is seen by the market as a significant driving force for stablecoins to further integrate into the mainstream financial system.
Infrastructure Development Accelerates Application Implementation
USDC is no longer just a medium of exchange. Circle has launched the Arc blockchain (with USDC as the native gas token) and promoted the Circle Payments Network, which has already attracted over 100 financial institutions, covering new channels for cross-border payments and promoting USDC's expansion in traditional finance.
Significant Increase in Market Acceptance
Circle's report indicates that as of the end of June, the number of "active users" holding more than $10 in USDC wallets grew by 68% year-on-year to 5.7 million, indicating a broad increase in acceptance from institutions to retail. Meanwhile, USDC's on-chain transaction volume reached $59 trillion in a single quarter, expanding 5.4 times year-on-year, reflecting its key role in payments and asset liquidity.
Competitive Landscape and Industry Outlook
Currently, USDC ranks second in stablecoin market capitalization after Tether, but with higher transparency and stronger compliance, it is expected to gain a larger market share in the context of improved regulations. As more payment giants like Visa, PayPal, and Mastercard increase their investment in stablecoin applications, it highlights the potential for USDC to become an important component of the mainstream digital financial system in the future.
Summary and Outlook
Overall, the explosive growth of USDC's circulation, the significant increase in Circle's revenue and EBITDA, and the advancement of regulations and infrastructure expansion together form a new mechanism for the stablecoin industry to enter mainstream finance. This process not only enhances USDC's credibility as a digital currency but also provides a replicable path for broader financial innovation.
Future areas of focus include: whether USDC can continue to expand its market share, the stability of regulatory enforcement and the stablecoin compliance framework, and how the actual application and expansion of Arc and the Payments Network will unfold. It is worth continuing to observe whether USDC can leverage this dual-driven compliance and demand to enter a new stage of use and development.
Related: USDC issuer Circle will launch a new layer blockchain, Arc, this year.
Original article: “USDC Circulation Surge Drives a New Chapter in Stablecoin Evolution”
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