USDC has had a big 2022 as it facilitated about $4.5 trillion worth of transactions on the Ethereum blockchain alone.

The team at Circle have released their first-ever annual ‘State of the USDC Economy’ report in which they highlight the stablecoin’s major milestones in 2022 as well as those it has achieved over the years since its inception in 2013.

One key takeaway from the report is that in 2022, Circle’s USDC facilitated about $4.5 trillion worth of transactions alone on the Ethereum blockchain. Most of these transactions, or approximately 60%, were through smart contracts on the chain.

‘The high percentage of smart contract-enabled transactions highlights the importance of USDC in not only facilitating faster and cheaper payments but also in enabling the programmability of money,’ the report explained.

In addition, the report estimated that USDC facilitated at least $30 billion worth of economic activity in 2022. This included economic activities such as digital commerce, corporate treasury services and foreign aid in conflict-stricken countries.