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

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Wed, 07/01/2020 - 19:30
Alex Dovbnya
USD Coin’s circulating supply surpasses $1 bln amid growing demand for stablecoins
Cover image via stock.adobe.com
Contents

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.

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.

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.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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