TLDR Tech / Crypto
USDC Is Becoming a Dollar Rail
USDC's transaction velocity is far outpacing its supply growth. Circulation reached $77B (+28% YoY) while onchain transaction volume hit $21.5T (+263% YoY), meaning each dollar is turning over dramatically more often. Base is the structural catalyst with the chain processing 62% of global onchain stablecoin volume in Q1 and with Solana also driving high-frequency USDC flows across swaps, payments, and DeFi. GENIUS Act and MiCA compliance are making USDC more institution-friendly, but the bigger story is distribution reach across high-throughput chains positioning USDC as a primary dollar payment rail for onchain activity.
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