三心指出Circle 的USDC Market Capitalization Growth减速，我作了一下研究

 

Circulation/Market Cap:

As of early November 2025, thecirculating supply and market capitalization are around $75 billion.

Circle reported a90% year-over-year growthin USDC in circulation to$61.3 billionat the end of Q2 2025.

On-Chain Activity:

USDC transaction volume reached$5.9 trillionin Q2 2025, marking a5.4x increaseyear-over-year.

JPMorgan analysts reported thatUSDC is outpacing Tethers USDT in on-chain activity and growth in market capitalization(72% increase for USDC vs. 32% for USDT in a specific period leading up to late October 2025).