Increasing interest rates, regulatory actions, financial insolvencies, and instances of fraud have significantly contributed to shrinking the overall digital asset economy in the past year. The world’s second-largest stablecoin – USDC – wasn’t immune to these forces either.
The total circulating supply has declined from approximately $45 billion to about $25 billion by the conclusion of November 2023. The rise in interest rates in conventional markets elevates the opportunity costs associated with holding USDC, as holders do not accrue interest on their holdings.
Despite this, the number of USDC wallets with a balance of at least $10 has grown 59% in the last year alone, rising above 2.7 million.
USDC’s Recovery
According to a report titled “State of the USDC Economy,” Circle revealed that its stablecoin has been used to settle over $12 trillion in blockchain transactions since its introduction in 2018.
The report highlights the stablecoin issuer’s role in facilitating
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