Circle's USDC stablecoin supply decreased over the past month.
This drop occurred alongside a combined $4.2 billion reduction among competing stablecoins.
Meanwhile, rival Tether's USDT supply grew by over $5 billion. These movements indicate a market rotation into USDT, increasing its sector dominance.
The USDC ecosystem continues to expand despite these competitive pressures. On May 21, Coinbase and payments platform Flipcash launched a new stablecoin, USDF, on the Solana blockchain.
USDC fully backs the new USDF stablecoin. The project utilizes Coinbase's infrastructure to simplify business stablecoin issuance and reinforce USDC's role as a foundational asset.