Bitwise: USDC trading distribution has shifted from Solana in 2024 to Ethereum and Base in 2025
PANews reported on June 5 that Juan Leon, senior investment strategist at Bitwise, posted on the X platform that Circle's IPO has attracted market attention, Circle's annual revenue has increased by 118% between 2022 and 2024, and USDC currently occupies about 30% of the stablecoin market share, and its supply has grown from less than $3 billion in 2020 to more than $60 billion in 2025 (more than 70% in Ethereum and its L2 ecosystem).
In terms of trading volume, USDC's monthly trading volume has grown from less than $50 billion in 2020 to more than $2.3 trillion in May 2025, and in terms of transaction distribution, USDC will be mainly concentrated on the Solana blockchain in 2024, but will be concentrated on Ethereum and Base in 2025.
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