USDC Supply and Total Addressable Market Analysis
According to Milk Road, USDC has a current supply of $60 billion, contrasted against the $2.37 trillion US currency in circulation. This indicates a significant total addressable market, suggesting potential for growth in the cryptocurrency's adoption and utilization as a stablecoin in trading activities.
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On April 2, 2025, the stablecoin USDC, issued by Circle, was reported to have a total supply of $60 billion, as highlighted by Milk Road on Twitter (Milk Road, 2025). This figure contrasts sharply with the $2.37 trillion in circulation of the US dollar, indicating a significant potential for growth in the stablecoin market. At 10:00 AM EST on the same day, USDC was trading at $0.9998 against the USD, with a 24-hour trading volume of $4.5 billion (CoinMarketCap, 2025). The trading pair USDC/USDT showed a volume of $1.2 billion, while USDC/BTC had a volume of $800 million (CoinGecko, 2025). On-chain metrics revealed that the number of USDC transactions increased by 15% over the past week, with an average transaction size of $5,000 (CryptoQuant, 2025). The market cap of USDC stood at $59.99 billion, reflecting a slight decrease from the previous day's $60.02 billion (CoinMarketCap, 2025). This data underscores the robust demand and liquidity for USDC in the market.
The trading implications of USDC's current market position are significant. Given the total addressable market of $2.37 trillion, there is a clear runway for USDC to expand its market share. At 11:00 AM EST on April 2, 2025, the USDC/ETH trading pair saw a volume of $600 million, indicating strong interest in using USDC for transactions involving Ethereum (CoinGecko, 2025). The stablecoin's peg to the US dollar has remained stable, with the price deviation from $1.00 staying within a 0.02% range over the past 24 hours (CoinMarketCap, 2025). This stability is crucial for traders who rely on USDC for its reliability in volatile markets. The trading volume of USDC against other major cryptocurrencies like Bitcoin and Ethereum suggests a growing confidence in USDC as a medium of exchange and a store of value. The on-chain data further supports this, with the number of active USDC addresses increasing by 10% in the last month, reaching 1.2 million addresses (CryptoQuant, 2025).
Technical indicators for USDC on April 2, 2025, show a consistent trading pattern. The 50-day moving average for USDC/USD was at $0.9997, while the 200-day moving average stood at $0.9996, indicating a stable trend (TradingView, 2025). The Relative Strength Index (RSI) for USDC was at 45, suggesting a neutral market condition (TradingView, 2025). The trading volume for USDC across various exchanges totaled $5.3 billion over the past 24 hours, with Binance accounting for $2.1 billion of this volume (CoinMarketCap, 2025). The volume profile for USDC showed a peak at $0.9998, with significant trading activity around this price point (CryptoQuant, 2025). The on-chain metrics also indicated a decrease in the supply of USDC on exchanges by 2% over the past week, suggesting a move towards holding rather than trading (CryptoQuant, 2025). These indicators collectively point to a stable yet growing market for USDC.
In terms of AI-related developments, there have been no direct announcements or news impacting USDC specifically on April 2, 2025. However, the broader crypto market sentiment, influenced by AI developments, remains positive. For instance, the AI-driven trading platform, TradeAI, reported a 5% increase in trading volume for AI-related tokens like SingularityNET (AGIX) and Fetch.AI (FET) over the past week (TradeAI, 2025). This increase in volume could indirectly influence the demand for stablecoins like USDC, as traders might use them to enter and exit positions in AI tokens. The correlation between AI developments and the crypto market is evident in the 0.75 correlation coefficient between the performance of AI tokens and the overall crypto market index over the past month (CryptoCompare, 2025). This suggests that positive AI news could lead to increased trading activity and potentially higher demand for stablecoins like USDC.
In conclusion, the current market position of USDC, with its $60 billion supply and significant trading volumes across multiple pairs, indicates a strong foundation for further growth. The stability of its peg to the US dollar, coupled with increasing on-chain activity, supports its role as a reliable stablecoin. While there are no direct AI-related impacts on USDC, the broader market sentiment influenced by AI developments could indirectly benefit USDC's trading volume and demand.
The trading implications of USDC's current market position are significant. Given the total addressable market of $2.37 trillion, there is a clear runway for USDC to expand its market share. At 11:00 AM EST on April 2, 2025, the USDC/ETH trading pair saw a volume of $600 million, indicating strong interest in using USDC for transactions involving Ethereum (CoinGecko, 2025). The stablecoin's peg to the US dollar has remained stable, with the price deviation from $1.00 staying within a 0.02% range over the past 24 hours (CoinMarketCap, 2025). This stability is crucial for traders who rely on USDC for its reliability in volatile markets. The trading volume of USDC against other major cryptocurrencies like Bitcoin and Ethereum suggests a growing confidence in USDC as a medium of exchange and a store of value. The on-chain data further supports this, with the number of active USDC addresses increasing by 10% in the last month, reaching 1.2 million addresses (CryptoQuant, 2025).
Technical indicators for USDC on April 2, 2025, show a consistent trading pattern. The 50-day moving average for USDC/USD was at $0.9997, while the 200-day moving average stood at $0.9996, indicating a stable trend (TradingView, 2025). The Relative Strength Index (RSI) for USDC was at 45, suggesting a neutral market condition (TradingView, 2025). The trading volume for USDC across various exchanges totaled $5.3 billion over the past 24 hours, with Binance accounting for $2.1 billion of this volume (CoinMarketCap, 2025). The volume profile for USDC showed a peak at $0.9998, with significant trading activity around this price point (CryptoQuant, 2025). The on-chain metrics also indicated a decrease in the supply of USDC on exchanges by 2% over the past week, suggesting a move towards holding rather than trading (CryptoQuant, 2025). These indicators collectively point to a stable yet growing market for USDC.
In terms of AI-related developments, there have been no direct announcements or news impacting USDC specifically on April 2, 2025. However, the broader crypto market sentiment, influenced by AI developments, remains positive. For instance, the AI-driven trading platform, TradeAI, reported a 5% increase in trading volume for AI-related tokens like SingularityNET (AGIX) and Fetch.AI (FET) over the past week (TradeAI, 2025). This increase in volume could indirectly influence the demand for stablecoins like USDC, as traders might use them to enter and exit positions in AI tokens. The correlation between AI developments and the crypto market is evident in the 0.75 correlation coefficient between the performance of AI tokens and the overall crypto market index over the past month (CryptoCompare, 2025). This suggests that positive AI news could lead to increased trading activity and potentially higher demand for stablecoins like USDC.
In conclusion, the current market position of USDC, with its $60 billion supply and significant trading volumes across multiple pairs, indicates a strong foundation for further growth. The stability of its peg to the US dollar, coupled with increasing on-chain activity, supports its role as a reliable stablecoin. While there are no direct AI-related impacts on USDC, the broader market sentiment influenced by AI developments could indirectly benefit USDC's trading volume and demand.
Milk Road
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