Comparison and Analysis of USDC on the Celo and Ron Public Blockchains

Recently, I looked into the specific situation of USDC on these two blockchains (data as of November 24, 2025), and there are quite significant differences.

The Ron public chain is relatively simple. The USDC on the chain is bridged via CCIP cross-chain method, with issuance and circulation roughly the same, both around 21.69 million tokens, with a market cap of about $21.71 million. However, liquidity is moderate, with a 24-hour trading volume of just over $460,000, so the overall scale isn't large.

Celo's situation is different. Although the official data has not been updated with the latest authoritative figures, based on past trends, it's inferred that the USDC scale here far exceeds Ron. Less than a year after launch, the supply reached around $41.3 million. Currently, third-party data varies widely (some platforms show circulation of 75.9 billion tokens, clearly mixing up the total USDC supply across the network), but looking at the overall stablecoin situation on the chain reveals the pattern—Celo's total stablecoin supply once surged to $298 million, with USDC accounting for about 27%. Based on this ratio, the total USDC issued on Celo should be in the tens of millions of dollars, much larger than the 21.69 million tokens on the Ron chain.