The State of the USDC Economy 2025: Insights from Industry Leaders

Stablecoins are becoming a cornerstone of the global financial conversation — a reality underscored by new data in Circle’s latest State of the USDC Economy Report. From a 78% year-over-year circulation increase, to over $24 trillion in all-time settled value, USDC’s growth trajectory paints a clear picture: the global appetite for trustworthy, always-on digital dollars is accelerating rapidly.

But statistics alone only tell half the story. The insights gleaned from this year’s report point to broader structural shifts driving the momentum behind USDC. Regulatory clarity in key markets is making a more interoperable and transparent financial system possible. Innovation in blockchain technology — improved speed, scalability, and developer tooling — has enabled new applications for USDC, from cross-border payments to tokenized money market funds (TMMFs). Above all, global demand for dollar-based stablecoins continues to expand as more businesses, developers, and everyday users seek the power of a digitally native, internet-scale form of money.

Inside “State of the USDC Economy 2025” Executive Insights session

To delve deeper into how these macro trends translate into on-the-ground impact, Circle recently hosted an Executive Insight session titled “State of the USDC Economy 2025.” Moderated by Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy & Operations, the session brought together leaders from Nubank, Cumberland (DRW), and Bridge — three organizations at the cutting edge of USDC adoption.

Their collective message was clear: the momentum behind USDC is about tangible, real-world use cases that are reshaping the future of finance.

Nubank: Providing dollar access in emerging markets

Thomaz Fortes, General Manager of Nubank Crypto, described how USDC is opening new horizons for customers in Brazil, Mexico, and Colombia. While many associate Brazil with its highly developed instant payment infrastructure (Pix), there remains enormous demand for convenient dollar-denominated products.

“The amount of stablecoins — digital dollars, USDC — held by Nubank customers has increased tenfold. And for many of these customers, the first digital asset that they buy is USDC.” – Thomaz Fortes, Nubank

Nubank, which serves over 100 million customers, offers USDC as a dollar-pegged store of value — often the first-ever avenue for many Brazilians to hold digital dollars. Fortes underscored that for such a large user base, stablecoins are more than just a speculative tool: they are a lifeline for everyday protection of purchasing power, cross-border remittances, and unlocking new pathways to financial inclusion.

Cumberland (DRW): Driving liquidity in digital asset markets

Chris Zuehlke, Partner at DRW and Global Head of Cumberland, focused on how USDC has the potential to transform capital markets. For institutional traders active in markets that never sleep, stablecoins eliminate the downtime and inefficiency of cash and the traditional banking system. Zuehlke explained that USDC helps reduce settlement risk, enable near-real-time transactions, and improve collateral mobility — crucial advantages in real-time markets.

“Stablecoins allow near real-time settlement, which not only makes us much more resilient from a risk management perspective, but it makes us way more efficient in our capital usage and our capital charges.” – Chris Zuehlke, Cumberland

Moreover, he noted that TMMFs paired with stablecoins like USDC present opportunities for on-chain repo and faster margin posting, thus bolstering resiliency in both crypto and traditional finance. By streamlining liquidity around the clock, USDC can become an important part of a modern trading infrastructure, not just in crypto markets but potentially in traditional venues as well.

Bridge: Transforming Cross-Border Payments & Global Payouts

Zach Abrams, Co-Founder and CEO of Bridge (now part of Stripe), highlighted how his team built payment infrastructure that leverages USDC for near-instant, cost-effective, and reliable global payouts. Bridge’s APIs eliminate many of the technical complexities that have limited stablecoin adoptions to date, making it easier for businesses with global payment needs to send money more seamlessly.

“The shift to stablecoin-based payments is happening in the background — one day we’ll wake up, and it will be the norm.” – Zach Abrams, Bridge

Abrams sees a future where major enterprises and platforms integrate stablecoins to expand globally overnight — without needing to navigate multiple fragmented payment networks. By abstracting away the complexity of blockchain for everyday businesses, Bridge and Stripe are helping mainstream the use of USDC in real-world commercial flows.

Looking Ahead

The takeaways from this webinar make one thing certain: USDC is an integral, trusted pillar for our partners and to the financial services ecosystem in a rapidly evolving digital financial ecosystem. Each panelist underscored that USDC’s real power lies in its ability to reach places, markets, and users that traditional rails simply cannot — and to do so safely, transparently, and in compliance with emerging regulations.

Backed by compelling data from the State of the USDC Economy Report and validated by firsthand insights from Nubank, Cumberland, and Bridge, the conversation showed stablecoins are unlocking new opportunities in payments, markets, and beyond. As regulatory clarity emerges and adoption accelerates, USDC can continue shaping the future of global finance — turning once-aspirational use cases into everyday reality for millions around the world.

For more insights and full event highlights, check out the recording of “State of the USDC Economy 2025.” And stay tuned to the Circle blog for future deep dives on USDC adoption across industries and geographies.