USDC Market Cap Reaches $56.3B, Erases Bear Market Losses

Circle's USD Coin (USDC) reached a $56.3 billion market capitalization on Feb. 10, according to CoinGecko data, erasing the losses it sustained during the most recent bear market.

Circle's USD Coin (USDC) has fully recovered its losses from the recent bear market, reaching a market capitalization of $56.3 billion on Feb. 10, data from CoinGecko shows.

The latest market cap figure marks a 23.4% increase from the $45.6 billion recorded on Jan. 8. During the bear market, USDC's market cap had dropped as low as $24.1 billion in November 2023.

The expanding presence of Circle on other blockchains, such as Sui and Aptos, has contributed to the increase in USDC's market cap. Additionally, the company minted $6 billion of USDC on the Solana blockchain in January 2025.

Meanwhile, Tether's USDt (USDT) remains the largest stablecoin by market capitalization, with $141.6 billion in tokens circulating as of Feb. 10. According to CoinGecko, USDT's market cap has increased by over $4 billion in the past 30 days.

Data from DefiLlama shows that USDT still commands 63% of the stablecoin market share, while USDC has grown to 25%, up from 19.4% a year ago.

Stablecoins have become a primary focus of US politicians and crypto agendas since the Trump administration.

White House AI and crypto czar David Sacks has stated that stablecoins could "extend the dollar's dominance internationally and extend it online digitally," highlighting the administration's aim to bring stablecoin innovation "onshore." Senator Bill Hagerty recently introduced a stablecoin bill that would establish "a safe and pro-growth regulatory framework that will unleash innovation."

In the world of digital assets, stablecoins are pegged to another asset, usually a fiat currency like the US dollar, and play a vital role in digital payments. They are often used in developing countries to hedge against inflation. Moreover, holders of stablecoins can earn yields on decentralized protocols, much like earning interest on cash sitting in a bank account.

Overall, the market cap for stablecoins has surged from $121 billion in August 2023 to $224 billion as of Feb. 10.