USDC Capitalization Renews All-Time High
On March 26, the USDC stablecoin’s total market value surpassed $60 billion, setting a new all-time high (ATH). At the time of writing, the asset is valued at $60.2 billion, up 100% from $30 billion in March last year. USDC remains the second most popular stablecoin. The leader in this segment is still Tether’s USDT, with a market cap of $144 billion.
The majority of USDC, about $39 billion, is hosted on the Ethereum network. Solana is in second place with $9.5 billion. USDC assets are also distributed among other blockchains, such as Base ($3.7 billion), Hyperliquid ($2.2 billion), Arbitrum ($1.8 billion), and Berachain ($1 billion).
Ethereum Network Burn Volume Falls to All-Time Low
On March 22, the daily transaction volume of Ethereum fees reached an all-time low of just 53.07 ETH (~$106,000). With the introduction of the London hard fork in August 2021, EIP-1559 was implemented, which burned a portion of the fees depending on the network load, which contributed to the deflation of the asset.
In March 2024, with the Dencun update, the Proto-Danksharding option (EIP-4844) was introduced to the mainnet, significantly reducing fees in L2 networks, especially based on rollups. However, the slowdown in network activity and the decrease in burning led to an increase in the market supply of Ether, and by the beginning of 2025, the ETH volume returned to the level before The Merge hard fork.
Over the past 30 days, Ethereum inflation has increased to 0.73%. Experts believe that the Pectra hard fork, which will increase the limits for BLOB objects, could increase inflation. The update is not expected until the end of April.
Justin Sun Announces New Meme Token Season on TRON
Liquidity, developed infrastructure, and stable operation make TRON an optimal platform for creating meme tokens. This statement was made by the project founder and HTX advisor Justin Sun during the X Spaces session. Sun announced the launch of the second season of meme tokens on TRON (TRON Meme Season 2.0). He emphasized that HTX and TRON DAO will continue to actively support these coins, while implementing technologies based on artificial intelligence.
At the time of writing, over 64 billion USDT have been issued on the TRON network, which significantly affects the liquidity of meme coins. However, Sun especially emphasized the role of the community in creating a sustainable ecosystem for these tokens.
Paolo Ardoino: USDT User Number Could Reach One Billion
The number of users of the USDT stablecoin has exceeded 400 million globally, according to conservative estimates, said Paolo Ardoino, CEO of Tether. He added that this figure could reach a billion in the near future.
Ardoino noted that the widespread adoption of the technology was made possible by active interaction with users and "work in the field", while traditional financial structures are still standing on the sidelines, observing the process.
In addition, he emphasized that the growth in popularity of stablecoins is observed not only among private investors, but also among large companies and government agencies. Many of them are already developing or preparing to launch their own digital assets. Ardoino also emphasized that this development was made possible by the technology "created by Tether back in 2014."
US Treasury Announces Lifting of Sanctions on Tornado Cash
On March 21, the US Treasury Department's Office of Foreign Assets Control (OFAC) lifted economic sanctions on Tornado Cash. More than 100 Ethereum addresses were removed from the sanctions list. According to the department, the decision was made after "reviewing new legal and policy issues" related to cryptocurrency transactions.
The project was sanctioned by OFAC in August 2022 due to its links to money laundering. According to US authorities, more than $7 billion has been laundered through the service since its creation. Among Tornado Cash's users were, in particular, hackers from the North Korean group Lazarus.
On August 12, 2022, one of the mixer's creators was arrested on suspicion of money laundering and concealing illegal financial transactions. All property of the company, user funds, and the source code of Tornado Cash in the US and abroad were frozen, and US citizens and residents were prohibited from using the service.
On January 21, 2025, the U.S. Court of Appeals for the Fifth Circuit vacated the sanctions, finding OFAC's actions "abuse of authority," and remanded the case to the United States District Court for the Western District of Texas for further proceedings.
FTX Founder Transferred to Transit Facility After Interview
FTX founder Sam Bankman-Fried (SBF) has been transferred to the Federal Transit Center in Oklahoma City. According to the WSJ, the move began on March 26 after he gave an unsolicited interview to Tucker Carlson while in a Brooklyn prison. In the interview, SBF expressed his belief that his conviction was wrong. He claims that if FTX had not collapsed, the company would now have $100 billion in assets and $15 billion in liabilities. The interview likely played a role in the decision to transfer him. It was part of Bankman-Fried’s family’s efforts to reduce his sentence.
Sam’s move is part of a final adjustment to his prison facility. He is currently being held at a transit prison, which is used as a stopover before inmates are sent to permanent correctional facilities. The former FTX executive will be awaiting assignment to a primary facility, likely in California, near his parents’ home. His expected release date is November 17, 2044.
