Circle’s USDC has grown into a $72 billion asset, and roughly 70% of that supply, around $49.5 billion, is issued natively on Ethereum. CCTP burns the tokens on the source chain and mints fresh, native USDC on the destination chain. Native USDC on Stellar signals that Circle is pursuing the broader payments infrastructure market, not just DeFi activity. For investors and traders watching stablecoin market structure, the $72 billion USDC supply figure is less interesting than where it sits. Chains that once defaulted to USDT because native USDC was unavailable now have a choice.