With on-chain activity picking up, Circle USD stablecoin USDC market cap has risen 80% from its 2023 low, according to CoinGeck data, as of January 2, USDC circulating supply is close to $44 billion, almost double the 2023 low of less than $24 billion, of which about 65% of the USDC supply is on the Ethereum chain, 10% on the Solana chain, and about 15% on the Base, Arbitrum, and Hyperliquid chains. Analysts expect this trend to continue, and the USDC market cap may double this year.