Wallets With USDC Stablecoin Grew By 59% In 2023
A report from Circle, the issuer of USD Coin, revealed that the number of wallets holding at least $10 worth of the cryptocurrency grew by 59% in 2023, despite the coin losing $20 billion of its circulating supply.
The report, titled “State of the USDC Economy,” attributed the decline to rising interest rates, regulatory crackdowns, bankruptcies, and outright fraud in crypto, which led users to withdraw their money from the ecosystem and into traditional markets.
However, the report also highlighted the growing acceptance of USDC, with over $197 billion minted or burned over the year, acting as a bridge between the digital asset economy and traditional finance.
The number of wallets with over $10 worth of USDC in them grew to over 2.7 million, a 59% increase over 2022.
(With inputs from Shikha Singh)
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