Coinbase and Circle have announced the minting of USDC tokens worth $30 million on Ethereum’s blockchain.
According to a report, Coinbase and Circe have already started printing the ERC-20 stablecoin took place on Wednesday Oct 2, 2019, at about 10:30 PM (+UTC). The entire transaction fee cost about $0.14.
The token currently has a total market cap of $456 million. Coinbase and Circle pointed out that the USDC is currently the fastest-growing stablecoin.
They said: “USDC is the first stablecoin to reach $1 billion in issuance in under a year and accounts for 15% of all outstanding crypto loans”. They also stated that the trading volume of USDC rose to an outstanding 350% and transfer value to about $17 billion in the last six month. According to the exchange, “There have been more than 750,000 transactions involving USDC across more than 62,000 wallets.”
The exchange also reiterated this statement on Twitter during its one-year celebration. It said: “Happy birthday $USDC! In 12 months, $USDC is now the second most popular stablecoin supported by over 100 companies worldwide and has recently surpassed $1 billion issued. All in less than a year.”
Stablecoins are taking the stage
It seems like Coinbase and Circle are paying a lot of attention to USDC lately. Just today Altcoin Buzz reported that Coinbase now allows users to earn 1.25% APY on every USD Coin.
However, USDC is not the only stablecoin that has received a lot of attention lately. Libra is, obviously one of them, but not only. Yesterday Altcoin Buzz reported that the former employees of J.P. Morgan, Intel and TrusToken have launched their very own product. Its name is USD Digital (“USDD”).
Is the current bearish market the reason for the market’s favorable attitude toward stablecoins? The answer is most likely yes. More so since many crypto enthusiasts are put off by the fact that the authorities, like the SEC, are hesitating to clarify their stance on the issue.