At Coinbase, USD Coin (USDC) has seen a dramatic transformation over the past year, with its supply shooting past $56 billion and hitting a new all-time high (ATH). Institutional demand, merchant adoption, and the expanding on-chain utility of USDC have driven the growth of this dollar-redeemable stablecoin. In 2025 alone, we have seen an additional $12 billion growth in USD Coin hitting USDC supply at $65 billion during March 2025.
USDC supply more than doubled this past year and just hit a new all-time high of $56B.
The future of money is onchain. See how we are helping consumers and businesses access USDC for payments, trading, remittances, and more. ↓ pic.twitter.com/Zv9OGzJ0oW
— Coinbase
(@coinbase) February 7, 2025
USDC’s Expanding Role in Onchain Finance
Digital finance is resting heavily on stablecoins these days, and USDC is at the very center of this. When it comes to reliable alternatives to the dollar in a digital setting it is the answer, whether that is for making straightforward payments, sending money across borders, engaging in decentralized finance, or trading. The Circle-issued stablecoin is one of the few credible options and remains a trustworthy go-to for millions of users across the 10+ blockchains (including Arbitrum, Solana, Base, and Optimism) that it now calls home.
The exchange played a key role in promoting USDC since it was one of the original partners to establish the digital currency. The exchange helps free USDC transfers while offering 4.5% APY on holdings which established USDC as the leading digital asset.
Trading Dominance: USDC’s Rise on Coinbase
USDC’s expanding influence becomes noticeable through its application in Coinbase’s trading platform. USDC now provides over 200 trading pairs which have driven its trading volume to increase by 10 times in two years. The USDC serves as Coinbase International Exchange’s exclusive settlement asset and has emerged as a fundamental component of worldwide derivatives trading through its unparalleled stability and liquidity.
This rise in adoption has pushed Assets on Platform (AOP) for Coinbase International Exchange to new highs in January, which serves to spotlight the increasing global significance of USDC.
USDC and the Evolution of Payments
USDC drives the mainstream use of on-chain payments beyond its trading functions. Stablecoin trading volumes reached $30 trillion last year which confirmed their position as crypto’s most significant application case.
Through a partnership with Stripe Coinbase enabled USDC transaction capabilities in over 70 countries which allowed businesses including Remote.com to introduce crypto-based payroll solutions. The collaboration between Coinbase and Yellow Card now delivers USDC through Coinbase Wallet to Africa with faster and more affordable transactions.
The Future of USDC and Onchain Finance
USDC’s multi-chain expansion will progress due to upcoming integrations with Unichain and Aptos networks. Coinbase and USDC are establishing their leadership role in the on-chain financial revolution due to increased demand for secure and transparent stablecoins which will drive a global decentralized digital economy.
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