As a stablecoin pegged to the US dollar, USDC (USD Coin) plays a critical role in the cryptocurrency market. As of May 1, 2025, its market capitalization has exceeded $60 billion, ranking it seventh among all cryptocurrencies. Within the stablecoin category, it is second only to USDT (Tether), which holds the third-largest market cap in cryptocurrencies.
The demand for stablecoins, which are price-stable digital assets, has been increasing year by year. Depending on the network, international transfers that traditionally took a significant amount of time can now be completed in minutes or even seconds. Stablecoins are also prominently used as major trading pairs in cryptocurrency transactions. According to Citigroup, the market size for stablecoins could reach $3.8 trillion by 2030.
This figure translates to approximately 530 trillion yen (exchange rate at the time of writing). For context, Grand View Research projected the artificial intelligence (AI) market size for 2030 at about $1.8 trillion in March 2025, indicating the rapid growth of the stablecoin market. USDC, which has significant influence within this market, is currently issued and managed by Circle, based in the USA.
USDC was launched in 2018 through a consortium named 'Centre,' established jointly by major cryptocurrency exchange Coinbase and Circle. In 2023, Centre was disbanded, transitioning to Circle’s sole management. In April 2025, Circle finally submitted a prospectus to the US SEC for its long-awaited IPO, after two previous attempts had failed. The realization of this IPO has garnered significant attention both within and outside the industry.
