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Circle's USDC, the second-largest stablecoin, has reached a record market capitalization over $55 billion U.S. as demand from investors continues to soar.

USDC has added $10 billion U.S. to its market cap over the last 30 days, driven largely by rising Solana-based DeFi trading volumes, according to market data.

USDC’s growth has been more than double the $4.6 billion U.S. rise in the market cap of Tether's USDT, the largest %Stablecoin and Circle's main rival, during the same period.

USDT still dominates the stablecoin market with a market cap of $142 billion U.S.

Stablecoins are %Cryptocurrencies whose price is tied to another asset, typically the U.S. dollar or gold bullion.

Stablecoins such as (CRYPTO: $USDT ) and (CRYPTO: $USDC ) are widely used for trading on crypto exchanges and serve as a key source of liquidity for the marketplace.

The growth of Circle’s USDC stablecoin is a sign of expanding demand for cryptocurrencies such as %Bitcoin (CRYPTO: $BTC ) and %Dogecoin (CRYPTO: $DOGE ), say analysts.

And the growth of USDT and USDC has accelerated in recent weeks. The gains have coincided with the frenetic trading of Bitcoin and other cryptos, both buying and selling.

Analysts say accelerating stablecoin growth is a bullish sign for the overall crypto market and positions it well for continued gains.


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