Circle’s USDC has surpassed its previous peak from 2022 and recovered from its market capitalization collapse triggered by a regional bank run in 2023.

(USDC) by Circle hit a $56 billion market cap amid growing stablecoin demand despite limp action in altcoin prices. The record exceeded USDC’s high in 2022 and signaled a full recovery from the 2023 bank run.

At the time, Circle held part of its stablecoin reserves at Silicon Valley Bank. SVB was caught in a banking debacle, and USDC’s operator was unable to access its deposits, losing chunks of its market cap and market share to its rival Tether.

The new USDC peak came as over $10.2 billion flowed into the U.S. dollar-pegged stablecoin in the past 30 days. Data from analytics provider Artemis tagged Solana (SOL) trading as a major catalyst for USDC’s surge, as more decentralized finance traders relied on the stablecoin for transactions.

While still margins smaller than Tether’s $142 billion token (USDT), Circle’s stablecoin outpaced the market leader in monthly growth. Compared to USDC, Tether’s coin only added $4.6 billion to its market cap since a month ago.

Growth attributed to both top stablecoin players suggests accumulation as crypto prices cratered. The market cap bump also comes as U.S. legislators tabled stablecoin proposals to standardize fiat-pegged markets.