The Centre consortium, founded by the cryptocurrency finance firm named ‘Circle’ and United States-based cryptocurrency exchange ‘Coinbase’. USDC is a United States dollar [USD] – backed stablecoin ‘revealed‘ by Coinbase and Circle earlier in Oct. last year.
In line with the report, by January’s end this year over 86,000 USDC transactions were completed on the chain. The document conjointly claims that over 550 Mln units of the ‘stablecoin‘ were issued by the aforesaid date, out of that nearly around 250 Mln were ransomed into standard currency by retail and institutional users.
As per the document, over 8,000 Ethereum [ETH] addresses hold around USDC tokens and over 1.6 Bln units of the stablecoin have been yet traded on crypto -currency exchanges.
USDC is an ERC20 token based on the Ethereum [ETH] blockchain. Moreover, in line with the information from ‘CoinMarketCap‘ USDC is listed at the top 20th cryptocurrency by market capitalisation.
Earlier in Dec. last year, the PAX [Paxos Standard] stablecoin ‘exceeded‘ $5 Bln worth of transactional volumes. As of 13th Dec., around $5,245,958,124.65 worth of transactional volumes has been used, with a market capitaliszation of over $174 Mln.
As per the report ‘revealed‘ earlier in Dec., the adoption of all stablecoins is growing based on the increasing number of on-chain transactions, along with the four major stablecoins have already broken the $5 Bln mark in on-chain transactions in the three-month time period.
Тhe enforcement landscape for stablecoins still remains unclear. A Supervisory Memorandum revealed by a monetary watchdog in Texas ‘suggested‘ that the native department of Banking might consider stablecoins as money, making them and exchanges that deal them subjected to several Texas laws and license necessities.