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Circle’s USDC Stablecoin Joins $1,000,000,000 Club

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Wed, 1/07/2020 - 19:30
Circle’s USDC Stablecoin Joins $1,000,000,000 Club
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According to Circle’s director of product management Joao Reginatto, the circulating supply of USD Coin (USDC) has surpassed $1 bln for the first time.

Joao
image by @reginatto

The dollar-pegged cryptocurrency, which was jointly launched by Circle and Coinbase in October 2018, has now become one of 18 cryptocurrency assets with a ten-figure market cap.

Related
Ripple Has No Plans to Launch Its Own Stablecoin, Says CTO David Schwartz

Winners and losers among stablecoins  

On July 30, the monetary base of Tether (USDT) surpassed $10 bln, according to crypto research firm Messari

As of now, only two cryptocurrencies (Bitcoin and Ethereum) are worth more than the flagship stablecoin. 

Both USDT and USDC have grown rapidly since the March market crash that spiked huge demand for fiat-backed digital currencies. On March 1, Tether’s market cap was $4.6 bln while USDC’s was just $444 mln. 

However, Paxos Standard (PAX) and TrueUSD (TUSD) have enjoyed only minuscule growth since March.

Related
Bitcoin Cash (BCH) Advocate Roger Ver: 'Stablecoins Aren't Actually Stable'

There is fierce competition

While Tether remains the clear market leader, Circle is determined to steal its piece of the pie.  

As reported by U.Today, CEO Jeremy Allaire openly criticized USDT for its ‘non-compliance’ and ‘opacity.’

Unlike its eleven-figure competitor, Circle is fully regulated and audited, but it’s dependant on its banking partners that can blacklist transactions.  

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