Circle’s USDC Attains $15B in Daily Traded Volume on Base Network

Circle’s USD Coin (USDC), a stablecoin backed by the United States dollar, reached a record transfer volume on the layer-2 Base network, processing nearly $15 billion in just one day. The L2 blockchain has recorded over $100 billion in USDC transfers this month, representing 36% of all USDC transactions.

According to @intotheblock The @base chain's remarkable surge in $USDC transfer volume, reaching $15 billion in a day and $100 billion for the month, positions it as a formidable player in the crypto market, potentially attracting investors seeking high-volume transaction… pic.twitter.com/zLj53hdOct

— ALTCOIN D/GDDY 🇹🇹🇳🇬 {A.D}𓃵 (@Altcoin_daddy) October 14, 2024

According to blockchain firm IntoTheBlock, this surge positions Base as a significant player in the cryptocurrency market. 

USDC Gains Traction

The latest news about USDC’s growth on the Base chain shows that the stablecoin is gaining traction among crypto investors. Like Base, users on other networks have recently invested in USDC.

CoinTab recently reported that the decentralized lending protocol Suilend has added support for Circle’s native USDC stablecoin. Before the addition, Suilend users had adopted Circle’s flagship stablecoin by bridging Wormhole-wrapped USDC into the lending protocol. 

However, integrating the native USDC into the platform allows direct stablecoin usage. This addition also unlocks improved interoperability for Sui users and developers, as they can easily add liquidity to their desired project, execute improved transactions, and streamline the overall market performance.

Circle Broadens Operation

The integration of native USDC on Suilend comes less than a month after Circle’s USDC was incorporated into the layer-1 Sui blockchain.

Sui is a layer-1 proof-of-stake blockchain that offers high speed and can handle substantial transaction volumes. With Sui’s advanced technology, developers can create fast, secure, scalable blockchain applications. 

By integrating USDC into Sui, Circle aims to encourage more developers to use its stablecoin in their projects. This integration will enhance USDC’s efficiency and expand its applications across various platforms.

USDC will be supported on Sui through the Cross-Chain Transfer Protocol (CCTP), which transfers USDC across blockchains by burning it on one and minting it on another.

In a related development, Circle announced that USDC is now accessible on Soneium, a layer-2 network owned by Sony. The stablecoin is available on over 15 blockchains, including Solana, Polygon, Algorand, Avalanche, and Base.

By launching USDC across multiple blockchains, Circle aims to make its stablecoin more accessible to a diverse audience on various platforms.