USDC Market Cap Surpasses $56B, Striding Towards the Center of the Onchain Finance Stage

At Coinbase, USD Coin (USDC) has seen a dramatic transformation over the past year, with its supply shooting past $56 billion and hitting a new all-time high (ATH).

Coinbase highlighted the remarkable growth of USD Coin (USDC) over the past year, with its supply surging past $56 billion and reaching a new all-time high (ATH). The institutional demand, merchant adoption, and expanding on-chain utility of USDC have been driving the growth of the dollar-redeemable stablecoin. In 2025 alone, an additional $12 billion growth in USD Coin hit USDC supply, reaching $65 billion during March 2025.

USDC supply more than doubled this past year and just hit a new all-time high of $56B.

The future of money is onchain. See how we are helping consumers and businesses access USDC for payments, trading, remittances, and more. ↓ pic.twitter.com/Zv9OGzJ0oW

USDC’s expanding role in onchain finance

Digital finance is relying heavily on stablecoins these days, and USDC is at the very center of this. It serves as the go-to reliable alternative to the dollar in a digital setting, whether that is for making seamless payments, sending money across borders, engaging in decentralized finance, or trading. The Circle-issued stablecoin is one of the few credible options and remains a trusted stablecoin of choice for millions of users across the 10+ blockchains (including Arbitrum, Solana, Base, and Optimism) that it now calls home.

The exchange played a key role in promoting USDC, being one of the original partners to establish the digital currency. The exchange offers free USDC transfers and 4.5% APY on holdings, which helped establish USDC as the leading digital asset.

Coinbase’s trading platform showcases USDC’s expanding influence, with the stablecoin now present in over 200 trading pairs, which has driven its trading volume to increase by 10 times in two years. At Coinbase International Exchange, USDC serves as the exclusive settlement asset and is a fundamental component of global derivatives trading due to its unparalleled stability and liquidity.

This increased adoption pushed Assets on Platform (AOP) for Coinbase International Exchange to new highs in January, highlighting USDC’s growing global importance.

USDC and the evolution of payments

Beyond its trading functions, USDC is also driving the mainstream use of on-chain payments. Stablecoin trading volumes reached $30 trillion last year, confirming their standing as crypto’s most significant application case.

Coinbase enabled USDC transaction capabilities in over 70 countries through a partnership with Stripe, which allowed businesses like Remote.com to introduce crypto-based payroll solutions. Another collaboration, between Coinbase and Yellow Card, now brings USDC to Africa via Coinbase Wallet, enabling faster and cheaper transactions.

The future of USDC and onchain finance

USDC’s multi-chain expansion will continue with upcoming integrations with Unichain and Aptos networks. Coinbase and USDC are set to maintain their leadership in the on-chain financial revolution as demand for secure and transparent stablecoins grows, driving a global decentralized digital economy.