Circle has claimed that the company’s Over-The-Counter (OTC) trading business, Circle Trade, completed $24 billion dollars in cryptocurrency transactions in 2018, according to an official Medium blog post on Jan. 3.
The $24 billion in volume through the trading desk consisted of more than 10,000 OTC trades in 36 separate cryptocurrency assets and involved nearly 600 distinct counterparties.
The post also stated that 2018 was one of significant growth for the institutional market for all three of the company’s institution-grade flagship products: Circle Trade, Poloniex, and USDC).
Circle now partners with over 1000 institutional clients including asset managers, OTC desks, exchanges, token projects, family offices, high net worth individuals, and endowments across the globe.
The company’s new stablecoin USDC has also been steadily growing at nearly 10% per week to become the second largest fiat stablecoin by market cap and is now supported by more than 40 exchange platforms.
Circle expects 2018s steady growth in institutional participation to continue into 2019, catalyzed by “stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the U.S., and improvements and innovation in core crypto infrastructure,” according to the post.