As the world's second largest stablecoin, USDC's market capitalization surpassed $60 billion as of March 2025, reaching a historic high with a circulating supply of over 6 billion coins and a 24-hour trading volume of $9 billion. This growth is attributed to its compliance and transparency, especially after the collapse of UST, as users are more inclined to choose regulated stablecoins. Although USDC's market capitalization is only about 43% of Tether (USDT), its compliance (such as regular audits and custody by regulated banks) attracts institutional investors, while USDT faces pressure due to transparency controversies. In the future, USDC may further close the gap through partnerships (such as expanding trading pairs with Binance) and penetration into emerging markets. Policies like the U.S. 'GENIUS Act' require transparency in stablecoin reserve assets, and USDC, fully backed by cash and short-term government bonds (90% bonds + 10% cash), aligns with regulatory trends, potentially gaining policy dividends. Circle has obtained compliance licenses in markets such as Japan and is promoting the use of USDC in cross-border payments and traditional financial settlements through partnerships with institutions like Visa and ICE, such as Visa testing USDC settlement functionality. USDC has become a core asset in decentralized finance (DeFi), supporting scenarios like lending and liquidity mining. Meanwhile, the adoption of BlackRock's BUIDL fund and traditional financial institutions will drive it to become a bridge between digital assets and traditional finance. Circle's Cross-Chain Transfer Protocol (CCTP) enhances USDC's liquidity in a multi-chain ecosystem, supporting seamless circulation on public chains like Ethereum and Solana, improving user experience. The future development of USDC will present three major trends: compliance-driven market expansion, technology-enabled scenario deepening, and deep integration with traditional finance. Despite facing regulatory and competitive pressures, its transparency, institutional collaboration, and strategic positioning (such as partnerships with Binance and Visa) provide it with long-term growth momentum. If it successfully realizes the vision of a 'digital dollar', USDC may become the core infrastructure connecting the crypto ecosystem with traditional finance, driving a paradigm shift in global payments and financial services.