$USDC USD Coin (USDC), the second-largest stablecoin, has reached a record market capitalization of $61 billion as of April 2025, up from $44 billion at the year's start, marking a 38.6% growth. Issued by Circle, USDC is pegged 1:1 to the U.S. dollar and is backed by cash and Treasury reserves, offering stability for trading and DeFi applications. Regulatory clarity, including compliance with Europe’s MiCA framework and approval in markets like Dubai and Japan, has fueled its adoption. Despite trailing Tether’s USDT ($145 billion market cap), USDC’s faster growth, driven by institutional demand and partnerships like Mastercard’s stablecoin card, signals a shift in the stablecoin landscape.