USDC Stablecoin Exceeds $50 Billion Market Value But Can It Overtake Tether?

USDC Stablecoin Exceeds $50 Billion Market Value But Can It Overtake Tether?

2022-02-02 | Eddy Morgan

USDC Stablecoin Exceeds $50 Billion Market Value But Can It Overtake Tether?

USD Coin (USDC), issued by Circle Inc., is the second most valuable stablecoin in terms of market value. Simultaneously, if its capitalization continues to rise at this rate, it may reach USDT.

Market capitalization of USDC has surpassed $50 billion

Mr. Jeremy Allaire, CEO, and co-creator of digital currency powerhouse Circle took to Twitter to post a thread regarding the newest milestone achieved by his group as well as its main product, USD Coin (USDC). USD Coin market capitalization has topped $50 billion (the net USD-denominated worth of every USD Coin in circulation). Mr. Allaire said that Circle created over 100 billion USD Coins. USDC

USDC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

As a result, USD Coin has grown by 10,000% in two years. It is currently recognized by 200 blockchain protocols, 34 exchanges, as well as 223 digital currency wallets throughout the world. In all, $2.5 trillion was moved across 4.7 million USDC cryptocurrency accounts.

Who will come out on top in the "digital money" space race?

The USDC stablecoin is produced on eight separate blockchains as of Q1 2022. USD Coin may be used in DeFi and retail payments in 175 nations. Mr. Allaire emphasizes that such widespread acceptance of USDC is critical to the US Dollar's supremacy as a world currency in the Web3 age. In the financial year 2022-2023, India will issue its authorized Rupee-pegged CBDC. Nirmala Sitharaman, India's Finance Minister, delivered such a statement today, February 1, 2022.

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