Tokenized The Onchain Data Behind Circle's IPO: Stablecoin Stats May 2025 Ft. Anthony Yim & Andrew Van Anken at Artemis
Jun 12, 2025
In this engaging discussion, Andrew Van Aken, a data scientist at Artemis, dives into the fascinating data behind Circle's IPO. He shares insights on the rapid growth of USDC and its record supply, driven by its partnership with Binance. The impact of centralized exchanges on USDC holdings compared to DeFi is explored, along with the competitive landscape between USDC and Tether in payments. Andrew also highlights how Tron and Ethereum are leading in stablecoin supply, with a remarkable 400% year-on-year increase in B2B stablecoin payment volume.
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Circle's IPO Price Surge
- Circle filed for an IPO at $31 per share and quickly surged to around $120.
- The NYSE halted trading three times due to the rapid price increase, a rare event for rising prices.
USDC Supply and Holders
- USDC supply nearly hit an all-time high of $60 billion, driven mainly by Binance's partnership.
- Coinbase and Binance hold about one third of all USDC, showing centralized exchange dominance.
USDC Dominates DeFi Stablecoins
- USDC accounts for about 50% of all stablecoins used in DeFi, significantly outperforming Tether.
- Circle has effectively pushed USDC usage in DeFi, crowding out many competitors.