Circle's stable coin, USDC, has over $50 billion in circulation.
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According to the company's latest Proof of Assets report, there are more than $50 billion of USDC stablecoins in circulation.
While USDC is still the second largest stablecoin in terms of total assets, it continues to rank close to #1 Tether's USDT.
Circle's total USDC supply increased from $42.4 billion in December to $50 billion in January, and grew in one month. Total supply reached $53.3 billion, according to the company's website.
According to Tether's December report, USDT supply was $78.6 billion. USDT is still the largest stablecoin.
Circle's USDC supply increased by nearly 100% in the last six months of 2021, while its USDT supply increased by 25% in the same period.
The main difference between USDT and USDC is the assets backing both. Tether has $24.2 billion, slightly more than 30% of its assets, while Circle has 100% of its assets in cash or bonds.
Circle announced that it will go public through SPAC in July 2021. According to a statement from the company, the deal is worth $9 billion.