USDC stablecoin capitalization grows by 10% over the week
Ethereum-based stablecoin USD Coin (USDC) up 10% over the past week
Market capitalization of USDC grew by $ 300 million and exceeded $ 3.3 billion
A year ago, the market capitalization of USDC was seven times less
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The total market capitalization of USDC has increased almost sevenfold – from $ 469 million to about $ 3.27 billion in 2020
USD Coin (USDC) posted strong gains over the week, according to Circle Co-Founder and CEO Jeremy Aller.
“Just a week ago, we reported that the volume of USDC coins in circulation exceeded 3 billion. We now have more than 3.3 billion in different networks, which means an increase of 10% per week. Our share is growing! “, – he wrote on Twitter.
In the last week alone, the volume of USDC supply has increased almost as much as in all previous years.
USD Coin is a stablecoin.
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Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More ERC-20 standard, built on top of the Ethereum network and pegged to the US dollar. The cryptocurrency was developed and launched by Circle and Coinbase, two of the leading players in the crypto financial services sector.
USDC is commonly used and ranked 12th in terms of market capitalization. The USDC user base is constantly growing, which allows you to trade cryptocurrency without withdrawing funds to fiat currency.
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What is stablecoin
Stablecoins are cryptocurrencies that give users all the decentralized benefits of blockchain, as well as provide price stability inherent in fiat currencies..
For a detailed analysis of stablecoins and how they work, see our article.!
The value of cryptocurrencies like Bitcoin or Ether is considered speculative and therefore volatile. Stablecoins such as USDC allow you to peg the value to the US dollar at a 1: 1 ratio.
To do this, each issued token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More must have a counterpart in dollars that are held in the reserve fund. USDC cash reserves are checked regularly to make sure the company has enough reserve dollars for each USDC.
Stablecoins are widely used. They can act as an intermediary so that the user can trade volatile cryptocurrencies without converting them to fiat currency. They can also be used to store and transfer value or pay for goods and services..
Through regular checks of stablecoins, users can be confident that the coins have a similar collateral value, which allows them to act as a digital replacement for the physical underlying asset..
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