USDC Economy 2024 Report Shows Positive Growth Of USDC

Key Points:

• According to the USDC Economy 2024 Report, Circle sees a spike in remittances via its USDC stablecoin, channeling $130 billion into Asia in 2022.
• Circle partners with Coins.ph in the Philippines to tap into the $36 billion annual remittance market.
• Positioned to address the $510 billion trade finance gap in Asia, USDC’s growth continues.

In the USDC Economy 2024 Report, leading crypto issuer Circle revealed a significant surge in remittances flowing through Asia via its USDC stablecoin.

The USDC Economy 2024 Report showcases the expanding utility of cryptocurrency beyond speculative trading.

According to Circle, a staggering $130 billion worth of USDC made its way into Asia in 2022, making the Asia-Pacific region the recipient of 29% of the global digital currency value, surpassing North America’s 19% and Western Europe’s 22%.

Crucially, these substantial volumes include remittance transfers, particularly vital for emerging markets like the Philippines, which has a significant diaspora. Circle emphasized its collaboration with Coins.ph, an exchange based in the Philippines, aiming to tap into this market valued at around $36 billion annually.

The necessity for trade financing, such as letters of credit, trade loans, guarantees, and insurance, is crucial for many small and medium-sized enterprises (SMEs) in the region. The Asian Development Bank estimates a trade finance gap of approximately $510 billion in Asia.

USDC, a stablecoin pegged to the U.S. dollar, emerges as a solution, facilitating easier access to dollars over the internet and potentially bridging this financial gap.

USDC has experienced exponential growth since its 2018 introduction, settling about $12 trillion in blockchain transactions. The cryptocurrency’s widespread adoption is prompting developers to create new applications, reinforcing the ecosystem around USDC, and simplifying its acquisition, transfer, and storage.