In 2023, the Circle-backed stablecoin USDC experienced both challenges and growth, according to a recent report by the issuer.
The number of individual USDC wallets with a balance of at least $10 grew by 59% last year. The increase took it to approximately 2.7 million. Circle noted USDC’s adoption and utility in the latest ‘State of the USDC Economy’ document.
Jeremy Allaire, co-founder and CEO of Circle, emphasized the resilience of blockchain finance. He said, “Bad actors began to bear the full weight of their nefarious activity, frauds were uncovered, yet the underlying technology matured, and mainstream businesses deepened their involvement with technologies like USDC.”
2023 was challenging, says Circle
The report also highlighted that factors like rising interest rates, regulatory crackdowns, bankruptcies, and fraud impacted the sector in 2023. In response, USDC’s circulation took a hit, dropping from $45 billion to about $25 billion by November 2023. The increased int
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