Despite a declining market cap, USDC, the stablecoin issued by Circle, generated more than $300 million from interest on its treasury bills, according to Messari's data. Circle also generated revenue from USDC transactions, subscriptions, and services, with Bitcoin and Ethereum accounting for a significant portion of the revenue.
At press time, there was $32.6 billion worth of USDC in circulation, backed by $4.46 billion worth of cash at reserve banks and $28.4 billion in short-dated U.S treasuries, making it a dominant player in the stablecoin market in terms of transfer volume. However, the number of addresses using USDC is declining, and USDT has outperformed USDC in terms of network growth.
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