Bitwise: USDC trading distribution has shifted from Solana in 2024 to Ethereum and Base in 2025

Bitwise senior investment strategist Juan Leon posted on the X platform that the Circle IPO has attracted market attention, with Circle's annual revenue growing by 118% between 2022 and 2024. Currently, USDC holds about 30% of the stablecoin market share, and its supply has grown from less than $3 billion in 2020 to over $60 billion by 2025 (with over 70% in the Ethereum and its L2 ecosystem). In terms of trading volume, the monthly trading volume of USDC has increased from less than $50 billion in 2020 to over $2.3 trillion in May 2025. From the distribution of transactions, USDC will mainly be concentrated on the Solana blockchain in 2024, but will have already been concentrated on Ethereum and Base by 2025.