Circle’s Cross-Chain USDC Transfers Hit Record $7.7B as IPO Plans Accelerate
Circle’s Cross-Chain Transfer Protocol (CCTP) hit a record $7.7 billion in bridging volume in May—an 83% jump from April and a new all-time high. The milestone comes at a pivotal time for the stablecoin issuer, which recently launched its long-anticipated initial public offering (IPO) and turned down a $5 billion acquisition offer from Ripple.
CCTP Drives Stablecoin Utility Surge
Launched in 2023, Circle’s CCTP enables seamless movement of USDC across different blockchain networks. The protocol has since been integrated into major platforms, enhancing USDC’s interoperability and making it more appealing to decentralized applications and enterprise users alike.
In tandem with CCTP’s growth, the number of active stablecoin addresses also reached a new record in May—33.1 million—highlighting rising global demand for stablecoin utility across chains.
The timing of this surge is significant for Circle, which is actively positioning itself as a dominant force in the digital payments space. The company aims to carve out a leadership role as stablecoins gain traction in both crypto-native and institutional circles.
IPO Strategy and Market Independence
Last week, Circle began selling shares as part of its IPO initiative, with an original goal of raising $624 million. However, on the heels of the CCTP performance, the firm raised its target to $896 million, signaling strong investor interest and confidence in its long-term prospects.
The decision to reject Ripple’s $5 billion buyout speaks to Circle’s strategy: maintain independence and capitalize on its existing momentum. With record-breaking trading volumes and growing infrastructure adoption, the company is aiming to show it can stand on its own in a rapidly expanding market.
A Growing Stablecoin Race
Circle’s growth comes amid increasing competition in the stablecoin space. Major financial institutions like Citigroup have forecast a $3.7 trillion stablecoin market by 2030. Circle, along with other issuers, is racing to build infrastructure that can support global liquidity and real-world utility.
While USDC remains one of the most widely used stablecoins, Circle’s long-term success will likely depend on the continued adoption of tools like CCTP and its ability to evolve alongside market demand.