USDC Market Cap Jumps to $56.3 Billion as Stablecoin Sector Grows and U.S. Lawmakers Push for Regulation

Circle’s USD Coin (USDC) has regained its losses from the bear market, reaching a market capitalization of $56.3 billion as of Feb. 10, according to CoinMarketCap. This marks a 23.4% increase from $45.6 billion in January and a significant recovery from its lowest point of $24.1 billion in November 2023. The stablecoin market has expanded from $121 billion in August 2023 to $224 billion. Circle has been increasing USDC’s presence across different blockchains, integrating with Sui and Aptos, and minting $6 billion worth of USDC on Solana in January 2025.

Tether’s USDT remains the most dominant stablecoin, with a market capitalization of $141.6 billion as of Feb. 10. Despite USDC’s rise, USDT still holds 63% of the market share, according to DefiLlama data. USDC, however, has grown from a 19.4% market share a year ago to 25% today. USDT has also increased its market capitalization by over $4 billion in the past 30 days.

Stablecoins, which are pegged to traditional currencies like the U.S. dollar, have gained popularity in digital transactions and decentralized finance. Many people in developing economies use them as a safeguard against inflation. Users can also earn yields through decentralized protocols, similar to interest in traditional banking.

The rise in stablecoin adoption has led to increased attention from U.S. lawmakers. Since President Donald Trump’s administration took office, regulating stablecoins has been a focus in cryptocurrency policy discussions. White House AI and crypto advisor David Sacks has said that stablecoins could help maintain the U.S. dollar’s international influence by extending its reach into digital finance. Senator Bill Hagerty has proposed legislation aimed at creating a stablecoin regulatory framework that he says would promote innovation while ensuring financial security.