Circle's USDC stablecoin has reached a record market capitalization of over $56 billion, making it the second-largest stablecoin in the market. The growth of USDC has been driven by rising trading volumes in Solana-based DeFi projects. USDC's market cap has increased by $10.2 billion in the past month, compared to the $4.6 billion growth of Tether's USDT, its biggest competitor. USDC has now surpassed its 2022 peak and fully recovered from the 2023 regional-banking crisis. Stablecoins like USDC and USDT are widely used for trading on crypto exchanges and their increasing supply is a positive indicator of investor demand and market health. The accelerating growth of stablecoins offers a positive signal for the overall market health amid macro headwinds and consolidating prices.



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