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USDC on Avalanche Achieves $1 Billion Milestone: Details

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Fri, 04/08/2022 - 10:19
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Vladislav Sopov
USD Coin by Circle Inc. smashed through an important milestone outside Ethereum (ETH)
USDC on Avalanche Achieves $1 Billion Milestone: Details
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USD Coin (USDC), the second largest stablecoin in the crypto segment, increases its supply on high-performance blockchain Avalanche (AVAX).

USDC expands onto Avalanche (AVAX), surpasses $1 billion milestone

Mr. Jeremy Allaire, CEO and founder of digital payments heavyweight Circle Inc. has taken to Twitter to share the details of the latest milestone achieved by its flagship product, USDC.

Yesterday, April 7, 2022, its circulating supply on Avalanche (AVAX) entered the 10-digit zone for the first time ever. Mr. Allaire stressed that this is a crucial accomplishment for both Avalanche (AVAX) and USD Coin (USDC):

Tremendous growth and momentum for this ecosystem.

As of Q2, 2022, Circle deployed USDC contracts to eight blockchains, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALGO), Alavanche (AVAX), Hedera (HBAR), Stellar (XLM) and Flow (FLOW).

Avalanche (AVAX) ecosystem is increasingly popular for stablecoins: it natively hosts USDT, FRAX, TSD, UST, MIM and other USD-pegged assets.

USDC net circulating supply targets 2/3 of USDT's

Currently, USDC's circulating supply exceeds $51 billion. For the first time ever, it has a chance to surpass two-thirds of the market cap amassed by its major competitor, USD Tether (USDT).

USDT's market cap nets $82.5 billion. The vast majority of this amount is issued on Ethereum (ETH), while EOS, Algorand (ALGO), Avalanche (AVAX), Tron (TRX), Bitcoin's Liquid, Solana (SOL), Omni and Bitcoin Cash's SLP are also used by Tether.

Terra USD (UST), the largest decentralized stablecoin, is $1 billion away from surpassing the third largest stablecoin, Binance USD (BUSD), in market cap.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)