USDC has been riding a serious growth wave lately, and its market cap tells the story. As of early May 2025, USDC’s circulating supply sits at roughly 60.7 billion USD, making it one of the top stablecoins in the game.

Looking at the bigger picture, the entire stablecoin market just hit an all-time high of $238 billion in April after 19 straight months of gains, and USDC was a major driver—adding about $16 billion compared to USDT’s $7 billion increase. This surge shows that traders and DeFi users keep turning to USDC when they need a “parking spot” in volatile markets.

Institutionally, USDC’s transparency and regular reserve audits have built a lot of trust. Circle’s recent IPO filing backed by major banks underscores just how seriously Wall Street is taking the stablecoin sector.

That said, with Bitcoin dominating over 64% of crypto market cap, there’s still a long way to go if USDC or any stablecoin hopes to rival it. But for now, USDC keeps solidifying its role as the go-to dollar substitute in DeFi, payments, and beyond. $USDC