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Circle’s $60B stablecoin footprint: The onchain growth story behind a successful IPO

+ new project listings & product updates

June 13, 2025

Every other week, we bring you a quick update from our community, highlight new projects listed on Token Terminal, and share an overview of our newest product features.

Let’s dive in!

CHARTS OF THE WEEK
Circle’s growth onchain in 3 charts

  • Circle’s products—USDC, USYC, and EURC—have grown their combined outstanding supply from $31B to $60B over the past 12 months. USDC makes up 98.9% of the total outstanding supply.

  • Circle’s stablecoins saw $5.75T in transfer volume in Q1 2025, up from $803B in Q1 2024. This represents a nearly 7x increase year-over-year.

  • Of the current $60B outstanding supply, $40B (68%) is deployed on Ethereum L1. Solana follows with $8B (14%), while Ethereum L2s—Base, Arbitrum, OP Mainnet, and Polygon—collectively hold $9.7B (16%).

Access our new Circle dashboard here.

DASHBOARD OF THE WEEK
Circle | The 1st stablecoin company to IPO

Explore our new dashboard that features key metrics for Circle, the stablecoin issuer behind USDC, USYC, and EURC.

Access the dashboard here.

NEW LISTINGS
12 new projects are live Token Terminal

New standardized listings (full listing with up to 15 metrics)

  1. dYdX chain, a derivatives exchange on Cosmos.

  2. Celestia, an L1 blockchain with focus on data availability (DA).

  3. Mythos, a Polkadot parachain with focus on gaming & social.

  4. Phala, a Polkadot parachain with focus on cloud solutions.

  5. Berachain, an EVM-Identical L1 blockchain utilizing Proof-of-Liquidity.

  6. Mantra, an exchange (DEX) on Cosmos.

  7. Energy Web, a Polkadot parachain with focus on clean energy.

  8. Cosmos Hub, an interoperability & security platform for blockchains.

  9. Shadow, an exchange (DEX) on Sonic.

New basic listings (partial listing with up to 6 metrics)

  1. World Mobile Chain, an L3 blockchain on Base.

  2. Geodnet, an L1 blockchain with focus on DePIN & robotics.

  3. f(x) Protocol, a stablecoin issuer on Ethereum and L2s on Ethereum.

  4. + 8 new real-world asset (RWA) issuers.

Our two listing categories:

A standardized listing provides a full set of metrics, including those transformed from raw blockchain data by our research team (e.g., TVL, Fees), along with basic metrics. A basic listing features only programmatically derived metrics such as gas used and active addresses.

Interested to get listed? Read more here.

PRODUCT UPDATES
Filters now available in project screener

We’ve added filters to our main project screener:

  1. Advanced filtering for all metrics: You can now apply column-level filters across all metrics in the Projects screener—including fees, active users, TVL, and beyond.

  2. Build custom views in seconds. You can filter by multiple conditions (greater / less than, is, is not, is between x-x) to construct precise thresholds and to isolate relevant protocols at scale.

The new filtering functionality enables you to make faster, more targeted discovery of protocols that meet specific quantitative thresholds. Try it out here.

Interested in an API demo? Schedule a call here.


Prefer to explore on your own? check out our API docs here.