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Shopify to Enable USDC Payments on Coinbase’s Base for Merchants Worldwide

E-commerce giant Shopify (SHOP) is bringing stablecoin payments to its merchants over Base, crypto exchange Coinbase (COIN)'s Ethereum layer-2 network, the companies said on Thursday.

The integration is set to roll out on June 12 to a limited group of early access merchants, with broader availability expected later this year for all merchants using Shopify Payments, the companies said.

Once the rollout is complete, merchants will be able to accept payments of Circle's (CRCL) USDC token on-chain while receiving local currency settlements without incurring foreign transaction fees. Shopify said it plans to give 1% cash back to customers who pay with USDC. This feature that will launch later in the year.

Stablecoins, digital tokens whose value is tied to a real-world asset, are finding a wider range of uses than simply allowing traders to move funds between cryptocurrencies without converting to fiat currency. Usage is exploding, with a 54% growth in supply year-on-year, and increased usage by companies such as PayPal (PYPL) and Grab (GRAB) for payments and international remittances.

The new initiative is designed to streamline global commerce with crypto-native infrastructure, lowering costs and boosting efficiency, and is underpinned by a new open-source payments protocol jointly developed by Coinbase and Shopify.

The smart contract and commerce payments protocol supports standard features such as delayed capture, tax calculation and refund processing, and is integrated directly into merchants’ existing order fulfillment systems, the companies said.

Shopify said it selected Base for its low-cost, high-speed, and secure transaction environment, aiming to help bring crypto payments into the mainstream retail experience.

Read more: Shopify Customers Can Now Pay In USDC Via Solana Pay

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Sam Altman’s World Chain Adds Native USDC Stablecoin and Circle’s Cross-Chain Service

World Chain, the blockchain of Sam Altman-backed World Network, is now host to natively minted USDC, the stablecoin issued by recently listed crypto firm Circle (CRCL), the companies said on Wednesday.

World Network also joined Circle’s Cross-Chain Transfer Protocol (CCTP V2), allowing holders to move USDC across a range of blockchains.

Some 2 million World Network users already held bridged USDC, and this has now been upgraded to native USDC issued directly by Circle, according to a press release. Businesses can use Circle Mint to directly convert between fiat and USDC on the layer-2 blockchain, enabling global on/off-ramps and cross-chain swaps with no third-party bridges, the release said.

Stablecoins are possibly the hottest sub-sector within crypto, with a plethora of mainstream uses coming online day by day and Circle’s recent IPO success for added good measure. World Network, the ecosystem that's grown out of the Worldcoin data collecting orb from OpenAI founder Altman, has been piling on applications including offering wallets with a full range of bank-like services courtesy of Visa.

The cross-chain capabilities added to World Network means developers, businesses and consumers can quickly and easily move funds and fully benefit from decentralized finance (DeFI) composability, according to the release.

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Circle Soars 168% In First Day Of Trading On NYSE Following Strong IPO

Shares of Circle Internet Group, the issuer of the market’s second-largest stablecoin, USDC, experienced a remarkable surge on Thursday, skyrocketing 168% as the company made its debut on the New York Stock Exchange (NYSE). 

Circle’s IPO Exceeds Expectations

Circle’s stock opened at $69, well above its IPO pricing of $31. Throughout the day, the shares reached a peak of $103.75, showcasing strong investor enthusiasm. 

The IPO was priced late Wednesday, exceeding the anticipated range of $27 to $28, and substantially outpacing an earlier range of $24 to $26. This pricing strategy valued the company at approximately $6.8 billion before trading commenced.

By the end of the trading session, Circle’s trading volume reached about 46 million shares, far surpassing the number of freely floating shares available. This impressive performance positions Circle alongside other cryptocurrency firms like Coinbase, Mara Holdings, and Riot Platforms as a notable player in the US market.

CEO Jeremy Allaire emphasized the importance of building relationships with governments and policymakers, stating, “To realize our vision, we needed to forge relationships with governments… it’s got to work in mainstream society and you need to have those rules of the road.” 

Allaire highlighted Circle’s commitment to compliance and transparency, which he believes has contributed to the company’s success in a challenging regulatory environment.

Could Higher Prices Follow For Future Listings?

The strong debut of Circle’s IPO could signal a shift in how institutional investors approach upcoming listings, potentially leading to higher initial public offering prices for future offerings. Notable companies preparing for IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech firm set to list next week.

While Circle’s IPO share price initially set its market value at $6.1 billion—below its last private market valuation of $7.7 billion from 2021—Thursday’s trading surge adjusted that figure. 

By the close of trading, Circle’s market capitalization, excluding employee options, stood at an impressive $16.7 billion. The company successfully raised approximately $1.1 billion through the offering.

Circle’s journey to this point has been marked by challenges, including its previous attempt to go public. Circle’s previous attempt to go public via a merger was with a special purpose acquisition company (SPAC), which collapsed in late 2022 due to regulatory hurdles. 

The company’s largest outside shareholders include General Catalyst and IDG Capital, holding approximately 8.9% and 8.8% of all stock, respectively. Other significant backers such as Accel, Breyer Capital, and Oak Investment Partners continue to support Circle’s vision in the evolving crypto marketplace.

Circle

Featured image from DALL-E, chart from TradingView.com 

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Circle IPO Pricing Could Jump Above Range as Investor Orders Surge: Bloomberg

Stablecoin issuer Circle Internet Group may price its upcoming initial public offering (IPO) well above its marketed range after demand from investors far outpaced supply, according to Bloomberg.

The company has reportedly received orders for more than 25 times the number of shares available in the offering. Circle is expected to finalize its pricing following U.S. market hours on Wednesday.

Circle’s most recent filing with the Securities and Exchange Commission (SEC) showed plans to sell 32 million shares at a range between $27 and $28 apiece. At the high end of that range, the IPO would value the company at roughly $7.2 billion on a fully diluted basis.

Investors placing orders could include major institutions such as BlackRock and Ark Invest. Allocations will favor buyers who plan to hold the stock over the long term, according to the report.

The outsized interest signals strong demand for exposure to crypto-related firms, even as the industry navigates an evolving regulatory landscape. Circle, best known for issuing the USDC stablecoin, plays a critical role in the blockchain-based payments and finance infrastructure.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Stablecoins Ignite Record-Breaking May, Supply Jumps To $244B – Data

A surge of stablecoin transactions marked May as a standout month for the crypto sector. It moved beyond mere token swaps. Lots of people and services turned to dollar-pegged coins for moving value. Activity hit fresh highs, hinting that stablecoins are now the main channel for on-chain payments.

Spike In Wallet Activity

According to Artemis data, more than 33 million wallets sent or received stablecoins during May. That’s a big jump compared with earlier months. It shows more folks are leaning on these digital dollars than on native tokens.

Many traders, DeFi users, and everyday people tapped stablecoins to keep their funds tied to the US dollar. This wave of usage also came as the wider market showed signs of life, with prices slowly rising and confidence climbing.

Shift To Faster Networks

Based on reports, BNB Smart Chain counted over 10 million active wallets for stablecoin moves early in May. TRON came very close, with a little over 9 million wallets during that same stretch.

These two networks are cheap and quick. Folks want to dodge higher fees on older chains. By month’s end, both BNB Smart Chain and TRON could top those numbers again. That trend speaks to growing demand for fast, low-cost payments and DeFi deals. Ethereum simply can’t match these lower fees right now.


Stablecoin Supply Growth

Stablecoins also saw more tokens enter circulation. The total supply grew to $244 billion, up nearly 3% in just one month. But not all coins minted equally. Tether’s USDT remained the heavyweight champion. It added nearly $4 billion to its total supply in May alone.

Most of that new USDT landed on TRON. Today, TRON holds nearly $78 billion in USDT, while Ethereum carries $73 billion. In sum, USDT’s overall supply now tops $153 billion and added tokens almost every day. USDC moved in the opposite direction. Its supply dipped slightly, thanks to outflows on Solana. Still, USDC keeps about $60 billion circulating across all its chains.

Payments And Bridges Overtake Cards

Stablecoins didn’t just grow in supply and usage. They carried huge volumes of payments. Over the past 30 days, those coins moved over $2 trillion worth of value. That level beats what many debit and credit cards handled in the same span.

For example, Visa’s volumes were lower than what stablecoins saw. Plus, USDC’s cross-chain moves spiked. The CCTP bridge saw $7.7 billion flow through it, up 83% month-on-month. That rush of bridging means more people are shuttling dollars between networks for trades, lending, or simple transfers.

Featured image from ETF Stream, chart from TradingView

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Tether, Tron Dominate Fast-Growing Stablecoin Payments Arena, Survey Shows

Tether’s USDT token and the Tron blockchain network dominate the rapidly growing stablecoin payment industry, according analytics firm Artemis with help from investment firms Dragonfly and Castle Island Ventures.

A report entitled “Stablecoin Payments from the Ground Up” looked at data from 31 stablecoin payment companies, and found USDT, the largest stablecoin, accounted for 90 percent of payment transaction volume, followed by Circle’s USDC, the second-largest. Tron was the preferred settlement network, hosting around 60 percent of volume, followed by Ethereum, Binance Smart Chain and Polygon.

The snapshot of stablecoin payment volume taken in February added up to an annualized $72.3 billion, covering various payment types and sectors (B2B, P2P, B2C, Card, and Lending).

Stablecoins, predominantly U.S. dollar-pegged digital tokens, were originally used to conveniently park money while trading cryptocurrencies. But these low-cost, instantly-settled financial instruments are now eating payments across the board, with bullish estimates on the potential size of that market coming from both crypto native firms and major banks.

It’s perhaps surprising that the share of Circle’s USDC isn't larger, given the firm’s involvement in payments and recent plans to introduce a dedicated cross-border payments network.

In addition, Circle, which this week filed for an initial public offering on the New York Stock Exchange, has been taking market share from Tether in terms of issuance, so the expectation might have been a similar or pro-rata level when it comes to payments volume, said Dragonfly general partner Rob Hadick.

“For the 31 providers we got data from at least, it’s clear that’s not the case for the payments use case,” Hadick said in an interview. “In fact, a higher portion of the volume, relative to the issuance, is happening with Tether, and it's happening primarily on Tron and then Ethereum. This was quite surprising to us.”

This perspective is partly shaped by the fact that a lot of business-to-business uses, such as paying suppliers for global supply chains, is happening from emerging markets to the U.S. or from the U.S. to emerging markets. In some of those markets, places like Argentina or Brazil, for instance, people might be worried about things like bank failures, and Tether is seen as a trusted brand, Hadick said.

Moreover, firms that use stablecoins for payments have little concern about which blockchain is being used to settle on. Tron is fast and cheap and there’s over $60 billion of USDT on the chain, so it simply makes sense, he added.

“If you go to Argentina or Brazil, people don't say they want to use stablecoins, they say we use Tether,” Hadick said. “Tether is the brand that is ubiquitous with USD access, in the same way that in the U.S. Uber is ubiquitous with taking a car that you call from your phone.”

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Circle Wins Regulatory Nod From Abu Dhabi Watchdog as USDC Hits $62B

Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principal regulatory approval from Abu Dhabi, paving the way for an expansion across the Middle East.

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) granted the company the preliminary green light to operate as a money services provider, edging closer to a full license after incorporating in the financial hub last December.

The approval “advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region,” Circle CEO Jeremy Allaire said in a statement on Tuesday.

The company also announced a partnership with Hub71, Abu Dhabi's tech ecosystem, which includes initiatives in ADGM’s digital regulatory sandbox, grants to startup founders and offers access to institutional networks.

The company did not comment on further plans in the region due to a “quiet period” after filing paperwork in the U.S. to be listed as a public company, a spokesperson said.

Stablecoins, which are cryptocurrencies pegged to fiat currencies like the U.S. dollar, are a rapidly growing group of digital assets and a key piece of infrastructure in the blockchain-based economy. They are widely used for crypto trading, and are becoming increasingly popular in the everyday economy for payments and remittances as a cheaper and faster alternative to traditional banking systems. The total stablecoin market capitalization sits around $230 billion, according to rwa.xyz data.

Read more: Stablecoins Could Bring 'ChatGPT' Moment to Blockchain Adoption, Hit $3.7T by 2030: Citi

Circle's flagship USDC token, fully reserved with dollar assets such as government bonds, is a key player in this field with a $62 billion supply, up over 40% in 2025.

As regulations around stablecoins advance globally, the company has been courting global jurisdictions to enter. Circle claimed the bragging rights as the first large stablecoin issuer to comply with the European Union's MiCA regulations last year. It also launched USDC last month in Japan with SBI Holdings.

Last week, Circle unveiled a cross-border payments network to further boost stablecoin use.

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Is It Time For Altcoin Season? Bitcoin Dominance Rises To Major Rejection Zone

Crypto analyst El Crypto has raised the possibility of an altcoin season happening soon. The analyst alluded to Bitcoin’s dominance rising to a major rejection zone, which could be bullish for altcoins. 

Altcoin Season May Be Imminent As Dominance Hits Major Rejection Zone

In an X post, El Crypto suggested that the altcoin season may be imminent as Bitcoin’s dominance hits a major resistance zone. He revealed that BTC’s dominance again touched a zone that has led to rejection every time in the last one and a half years. He added that the Stochastic Relative Strength Index (RSI) is also in the overbought area, while a bearish cross has now happened again. 

Based on this, the analyst remarked that the market looks to be in for some fun, hinting at an altcoin season. Crypto analyst CryptoElites also affirmed that Bitcoin’s dominance has reached its peak. He further affirmed that next up is a massive altcoin rally, which will usher in the alt season. 

Altcoin

In another X post, the crypto analyst alluded to the USDT and USDC dominance ratio. He claimed that the market was at a critical trend reaction point right now. CryptoElites then mentioned that if the stablecoins’ dominance breaks down, then the altcoin season will officially begin. 

Crypto analyst Kevin Capital also looked to provide a bullish outlook towards the altcoin season. In an X post, he highlighted the global liquidity index overlaid with the Dogecoin price. In line with this, he remarked that it might be time for market participants to start paying attention to this. 

So far, altcoins have been mirroring Bitcoin’s price action, suffering a similar downtrend amid the trade war. However, if the altcoin season were to kick into full gear, these altcoins could easily decouple from the flagship crypto and outperform. Ethereum is known to lead this altcoin season, but that may not be the case this time, as ETH has underperformed throughout this cycle. 

Still Bitcoin Season For Now

Blockchain Center data shows that it is still Bitcoin season for now, as the flagship crypto continues to outperform most altcoins. In the past 90 days, only seven out of the top 50 coins have outperformed the flagship crypto. These coins include Mantra, GateToken, Monero, LEO, Tron, and FastToken. 

For it to be altcoin season, 75% of the top 50 coins would need to outperform Bitcoin over the last 90 days. Although almost all coins have witnessed declines within this timeframe, BTC has suffered a 22% drop, which is less than what these altcoins have seen during this period. 

At the time of writing, the Bitcoin price is trading at around $80,900, down over 1% in the last 24 hours, according to data from CoinMarketCap.

Altcoin

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USDC Navigates Global Market Stress With Minimal Volatility

USDC at Center of Major Financial Developments

Global economic tensions and shifting trade policies are creating subtle ripples in the stablecoin market, with USDC experiencing minor volatility while maintaining its dollar peg.

The stablecoin recently navigated a brief dip below parity before quickly recovering, demonstrating resilience amid broader market uncertainty as investors seek safe havens during geopolitical instability.

Circle’s IPO filing has revealed unprecedented insights into the stablecoin ecosystem, including the surprising arrangement where Coinbase receives half of USDC reserve revenue. With major banks JPMorgan and Citibank backing Circle’s public offering targeting a $4-5 billion valuation, the move signals growing institutional confidence in regulated stablecoins despite ongoing trade disputes affecting traditional markets.

As geopolitical tensions escalate, exchanges like Binance are reporting record stablecoin deposits, with USDC playing a crucial role in derivative trading markets.

The stablecoin’s stability has made it particularly attractive during recent market volatility, with trading volumes peaking during transition phases as investors seek protection from economic fallout related to international trade conflicts.

USDC Technical Analysis Highlights

USDC maintained a narrow trading range of 0.000829 (0.083%) with an annualized volatility of 1.58%.

Price action showed a gradual decline from 1.0006 to sub-parity levels around March 31st.

A clear support zone formed at 0.9999, with trading volumes peaking during the transition phase.

Recent price action shows a modest recovery trend with increasing buying pressure.

Higher lows and consistent volume patterns above 50M units hourly suggest renewed confidence.

A brief dip below parity (0.9999) between 09:53-09:57 marked the first sub-parity trades during the session.

Increased trading volumes peaked at 4.1M units at 09:56 during volatility

Buyers stepped in decisively to defend the peg, resulting in a stabilization of around 1.0000.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

External References:

Cryptopolitan, “Binance Draws In a Record Inflow of Stablecoins,” accessed Apr. 3, 2025

CryptoNews, “Coinbase Receives 50% of Circle’s USDC Reserve Revenue, IPO Filing Reveals,” accessed Apr. 3, 2025

BitcoinWorld, “Circle IPO Eyes $5B Valuation Backed by USDC Stability,” accessed Apr. 3, 2025

CryptoNews, “Stablecoin Issuer Circle Files for IPO,” accessed Apr. 3, 2025

The Coin Rise, “Circle Files for NYSE Listing Amid Surging Stablecoin Revenue: Details,” accessed Apr. 3, 2025

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Sony Begins Accepting USDC Payments in Its Singapore Online Store

Sony customers in Singapore can now use the USDC stablecoin in its online store.

Sony Electronics’ Singapore (SES) has integrated cryptocurrency payments in partnership with crypto exchange Crypto.com, the two firms said Wednesday.

Stablecoins are cryptocurrencies whose value is pegged to a real-world asset, such as the U.S. dollar or gold. USDC, issued by Circle, is the second-largest dollar-backed token, trailing only Tether’s USDT in size.

Headquartered in Singapore, Crypto.com won approval as a provider of Digital Payment Token (DPT) services in the city state in June 2023, allowing it to provide crypto payments to clients.

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Circle Hires JPMorgan, Citi With Plan to File IPO in Late April: Fortune

Circle Internet Financial, the issuer of the USDC stablecoin, has reportedly hired investment banks JPMorgan Chase and Citi as the underwriters of a hoped-for IPO, Fortune reported.

While timing is not yet totally decided, sources say Circle will publicly file its prospectus in late April, meaning a potential IPO perhaps prior to June.

The company had previously filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) in January 2024.

Circle in 2021 had attempted to go public via a SPAC merger in 2021, but that attempt was derailed first by an intransigent SEC and then by the crypto collapse of 2022. It ultimately pulled the SPAC deal by the end 2022.

According to people familiar with the matter that spoke with Fortune, Circle is seeking a $4 billion to $5 billion valuation.

CoinDesk reported in July that the company was valued at roughly $5 billion in private secondary markets.

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Circle to Launch USDC in Japan on March 26 With SBI Partnership

Circle plans to launch USDC in Japan on March 26 through a partnership with local heavyweight SBI Holdings, marking a significant milestone for both the global stablecoin market and Japan’s blockchain ecosystem.

“Japan has long been at the forefront of the adoption of Web3 and blockchain technology, and Japan’s regulatory leadership has similarly been out in front on clear rules for the use of stablecoins in the Japan financial system,” said Jeremy Allaire, co-founder and CEO of Circle said in a release.

The launch comes weeks after Circle and SBI received regulatory approval from the Japan Financial Services Agency (JFSA) earlier in March under the country’s electronics payment framework.

Allaire said in a post on X that Circle had spent two years engaging with regulators in Japan in preparation for the launch.

“We believe this initiative will enhance financial accessibility and drive digital asset innovation, aligning with our broader vision for the future of payments and blockchain-based finance in Japan,” Yoshitaka Kitao, representative director, chairman, president and CEO of SBI Holdings said in a statement.

USDC currently has a market cap of around $59.7 billion, according to CoinGecko data.

The Philippines largest digital wallet, GCash, recently added support for USDC.

According to a 2024 report from Circle, the Asia-Pacific region accounts for 29% of global digital currency transaction volume, ahead of Western Europe at 22% and North America at 19%.

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Philippines’ Largest Digital Wallet GCash Adds USDC Support

GCash, the largest digital wallet in the Philippines, has announced support for stablecoins via USDC.

Publicly available data shows that GCash, which is similar to China’s Alipay or WeChat Pay, does over $65 billion (3.8 trillion Philippine Pesos) in annual transaction volume.

Filipino remittances reached a record $38.3 billion in 2024, and account for approximately 8%-10% of the country’s GDP.

Alipay owner-Ant Group, Ayala Corporation and Manilla-based Globe Telecom’s 917Ventures own GCash operator Mynt. GCash offers crypto services via its GCrypto subsidiary, which has partnered with locally licensed crypto exchange PDAX.

In total GCrypto offers 39 different assets to trade on its platform, including Paypal’s PYUSD stablecoin. Stablecoin-based transfers are growing as a share of the market but remain relatively small, with less than 5% of all inbound remittances using crypto rails.

Recently, Bloomberg reported that GCash could seek an IPO valuation of at least $8 billion by the end of 2025.

The company, reportedly, is in no rush to go public as it recently completed a funding round that raised its valuation to $5 billion, giving it enough capital and flexibility to wait for favorable market conditions.

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Stablecoins Supply Up By $20 Billion – The Key To Bitcoin’s Next Move?

Early in 2025, there was a significant surge in the stablecoin market, with a $20 billion increase in total supply. With a 10% increase from January, the total supply now stands at almost $205 billion. The spike, according to data from Glassnode, comes after a dip in late 2024, when the supply of stablecoins fell from $187 billion to $185 billion.

Stablecoins See A Strong Rebound

For trading cryptocurrencies, stablecoins—like USDT and USDC—often act as a reserve for investors expecting the right time to buy assets like Bitcoin. The most recent rise shows that investor interest has surged, especially in view of last year’s slow down.

Given the previous fall, this comeback is especially notable. For most of 2024 the market has been losing stablecoins; but, this trend has lately reversed. Although past patterns suggest that Bitcoin’s price may be impacted, it is unknown whether this increase will lead to a rise in purchases of cryptocurrencies.

Bitcoin Investors Watching Closely

A growing stablecoin supply is often seen as a bullish sign for Bitcoin. Historically, the price of Bitcoin has risen in line with the stablecoin count. The reasoning is simple: more stablecoins mean more potential capital just waiting to be entered into the market.

Some analysts believe this fresh injection could push Bitcoin higher. However, not all stablecoins are used for trading. Many are held for remittances, payments, or as a hedge against inflation, especially in countries where local currencies are unstable.

Stablecoin Exchange Holdings Drop 21%

While the total supply is rising, only 21% of stablecoins are currently sitting on exchanges. This is a significant drop from 2021, when over 50% of the supply was available for immediate trading, Glassnode disclosed. This shift suggests that while new coins are being issued, they are not all being deployed into crypto markets right away.

This could point to one of two possibilities: either stablecoins are being used more often outside of exchanges or investors are still waiting for the suitable moment. Should the latter prove right, the impact on Bitcoin could be less notable than expected.

What This Means For Bitcoin’s Future

The stablecoin market is currently experiencing a resurgence, which is generally a favorable development for the cryptocurrency sector. However, it is uncertain whether this will result in a short-term increase in the price of Bitcoin. Stablecoin utilization has fluctuated, and additional economic variables will contribute to this development.

At the time of writing, Bitcoin was trading at 82,264, down 1.1% and 6.9% in the daily and weekly frames.

Featured image from Warwick Business School, chart from TradingView

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Circle Upgrades Cross-Chain Transfer Protocol Promising Near-Instant USDC Settlements

Circle has launched on Tuesday the upgraded version of its Cross-Chain Transfer Protocol (CCTP V2), a tool that facilitates USDC transfers across blockchains. The company said that the upgrade significantly cuts down transaction times to seconds from the typical 13-19 minutes on Ethereum and its Layer 2 networks.

CCTP, introduced in 2023, is designed to move digital assets across blockchains without relying on traditional liquidity pools and third-party liquidity providers. Since its debut, the protocol has handled over $36 billion in transaction volume, according to Circle.

The upgraded version offers a Fast Transfer feature, which enables near-instant transfers between supported networks, the press release said. Standard Transfer, which operates at a blockchain’s native settlement speed, remains available.

Another new feature, called Hooks, allows developers to program automatic actions such as asset swaps or treasury management on the receiving blockchain. This reduces manual processing and enhances efficiency for decentralized finance (DeFi) applications.

The upgraded version went live on Ethereum, Avalanche and Base, with more blockchain integrations planned later this year, the firm said. Several platforms, including CCTP.Money, Interport, LI.FI, Mayan, Socket and Wormhole already integrated the protocol.

Circle is the issuer of USDC, the second largest stablecoin in the crypto market with a circulating supply of $58 billion. Pegged to the U.S. dollar, USDC is popular in crypto trading, DeFi and increasingly used as payments, remittances and real-world asset settlements among traditional finance firms.

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Thailand Regulator Adds USDC, USDT Stablecoins to Approved Cryptocurrencies

Thailand’s financial regulator the Securities and Exchange Commission (SEC) is expanding its list of approved cryptocurrencies with the two largest stablecoins, Tether’s USDT and Circle’s USDC as trading pairs on digital asset exchanges.

Previously, only bitcoin (BTC), ethereum (ETH), XRP, stellar (XLM), and certain tokens used in the Bank of Thailand’s settlement system were approved by the regulator.

The move comes after a public consultation in February, during which most respondents backed the proposal. The new rules from the will take effect on March 16.

By recognizing USDT and USDC, Thailand is aligning itself with global trends where stablecoins play a key role in crypto trading and payments. Stablecoins are one of the fastest-growing sectors of crypto, driven by demand in developing regions such as Southeast Asia, Africa and Latin America. USDT has a $142 billion market capitalization, followed by USDC with its $58 billion market cap.

USDT issuer Tether said on Monday that the approval paves the way for broader acceptance of its token in Thailand’s financial sector.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Stablecoin Market Cap Tops $200B as U.S. Sees Industry Helping Maintain Dollar Dominance

The combined market capitalization of the five biggest stablecoins passed $200 billion for the first time after Treasury Secretary Scott Bessent pledged on Friday to use the digital assets to help maintain the greenback as the world’s reserve currency.

The market cap of the coins, whose value is pegged to a real-world equivalent such as the U.S. dollar, climbed as high as $205 billion, Glassnode data shows. Demand was buoyed by investors seeking relief from sliding cryptocurrencies such as bitcoin (BTC) and ether (ETH).

Since President Donald Trump won the U.S. election, the stablecoin market cap has grown by $40 billion. With both cryptocurrencies and U.S. equities struggling in recent weeks, stablecoins have emerged as the clear winners.

Market leader Tether’s USDT has maintained a market cap of around $140 billion since December, while second-placed USDC, issued by Circle, is nearing $60 billion — an increase of $25 billion since the election.

At the Digital Asset Summit on Friday, Bessent said, “We are going to keep the U.S. the dominant reserve currency, and we will use stablecoins to do it.”

Bessent’s remarks highlight concerns over macroeconomic and geopolitical uncertainty, which could lead to a decline in foreign demand for U.S. debt, pushing treasury yields higher. Over the past year, Japan and China, the two largest holders of U.S. Treasuries, have reduced their holdings.

For the dollar to maintain its status as the world’s reserve currency, there must be consistent demand for U.S. debt. The administration identified stablecoins as an ideal partner in this strategy.

By holding U.S. debt as reserves, stablecoins can help lower Treasury yields while simultaneously expanding the global reach and dominance of the dollar. Stablecoins need to have dollars available to repay investors looking to cash out. Tether is already one of the largest holders of three-month U.S. Treasuries.

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Tether, Circle Vie for Upper Hand in Stablecoin Industry Regulatory Push

Recently stepped down as Tether’s longtime CFO and now its chairman, Giancarlo Devasini keeps a low profile in the modest Swiss town of Lugano, according to the article by Angus Berwick.

Circle founder Jeremy Allaire, meanwhile, is comfortable rubbing shoulders with politicians and Wall Street executives, Berwick continued.

The conflict is as much about ideology as it is about business, writes Berwick. Tether embraces crypto’s freewheeling ethos, while Circle is pushing for mainstream acceptance through regulation. “Circle will not win if Tether is alive,” Devasini reportedly said months ago.

The outcome of this battle will shape the future of stablecoins. If regulators succeed in sidelining Tether, Circle’s USDC could gain market share and bring stablecoins further into the traditional financial system.

If Tether survives, and it has shown resiliency in the past after navigating concerns surrounding its commercial paper reserves, it will reinforce crypto’s ability to operate outside centralized influence. Either way, the stakes are high as crypto firms fight for dominance in an industry worth trillions

What’s the latest?

Lawmakers have introduced three different bills targeting stablecoin regulation, including the Senate’s GENIUS Act, the House’s STABLE Act (introduced by Republicans) and the bill Ranking Member Maxine Waters and former Representative Patrick McHenry developed over the past few years.

Each of these bills would impose certain reserve and reporting requirements on stablecoin issuers, and a JP Morgan analysis suggests Tether may need to adjust its reserves to comply with these bills, if they become law. However, each bill is still in an early phase of the legislative effort, and it’s unclear how long it might take for any of them to be passed through the House, Senate and signed by the president.

Allaire believes digital currency is a “technology superpower dollar”

According to Allaire, digital currency is a “technology superpower dollar” that will have profound implications for the United States and small businesses, he said in an interview on Fox’s “Mornings with Maria” on Tuesday.

“We’re in a competitive race with China, we’re trying to find what economic system is going to win, what currency system is going to win. This is a technology superpower dollar that expands the role of the United States around the world.”

At the same time, it can eliminate costs spent on fees to credit card companies or to send remittances overseas, making the impact of a digital currency much broader than just becoming the world’s economic superpower.

“There’s a real way to put money back in households’ and small businesses’ pockets as well.”

Allaire called USDC “America’s first digital dollar” given it is backed by the U.S. Dollar in the form of Treasury bills, repo and cash, and has been around and growing for over six years. He said that USDC powers trillions of dollars in transactions, including over $1 trillion a month and has seen 100% growth over the last 12 months.

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Circle’s USDC to be First USD Stablecoin in Japan

SBI VC Trade, a subsidiary of financial giant SBI Holdings, has secured regulatory approval as an Electronic Payments Provider in Japan.

The regulatory approval, granted under the Japan Financial Services Agency’s (JFSA) new framework, allows the exchange to offer stablecoins, making it the first in the country to list and distribute USDC.

“USDC becomes the first and only global dollar stablecoin to become approved for use in Japan,” wrote Circle CEO Jeremy Allaire.

In Japan, regulatory changes in 2023 cleared the way for licensed intermediaries to handle foreign stablecoins, subject to oversight.

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Circle’s USDC Hits Record Market Cap Over $56B as Stablecoin Demand Soars

Circle’s USDC, the second-largest stablecoin on the market, rose to a record market capitalization over $56 billion this week as stablecoin growth showed signs of reaccelerating.

USDC added $10.2 billion to its market cap over the past month, driven primarily by rising Solana-based DeFi trading volumes, Artemis data shows. That’s more than double the $4.6 billion growth of Tether’s USDT, the largest stablecoin in the market and Circle’s biggest competitor, during the same period. USDT still dominates the stablecoin space with a $142 billion market cap.

With the latest growth spurt, USDC surpassed its 2022 peak and fully recovered from the 2023 U.S. regional-banking crisis, which dealt a serious blow to the cryptocurrency. At the time, Circle held a part of stablecoin reserves in bank deposits at Silicon Valley Bank, which suffered a bank run and led to USDC temporarily losing its peg to the U.S. dollar. Many token holders fled to USDT, helping Tether to surpass its 2022 peak market capitalization as early as May 2023.

Stablecoins are a special type of cryptocurrencies with prices anchored to an external asset, predominantly to the U.S. dollar. USDT and USDC are widely used for trading on crypto exchanges and serve as a key source of liquidity. Thus, their expanding supply is a key indicator of investor demand and overall health of crypto markets.

After a period of tepid action in December and early January, USDT and USDC growth accelerated in the past weeks, data shows. Previous growth spurts, such as between late October and early December and October 2023 to April 2024, coincided with steep rallies in bitcoin (BTC) and altcoin prices.

Accelerating stablecoin growth, while it’s only one of the factors influencing crypto markets, offers a positive signal for the overall market health amid macro headwinds and consolidating prices.