Millions of USDCs flow into the USDC Treasury
According to reports, according to Etherscan data, 63746293 USDCs (US $63769892) were cast in USDC Treasury.
USDC Treasury has cast nearly 64 million U…
According to reports, according to Etherscan data, 63746293 USDCs (US $63769892) were cast in USDC Treasury.
USDC Treasury has cast nearly 64 million USDCs
Interpretation of the news:
The decentralized finance (DeFi) world continues to evolve, and the, it is steering rapidly towards a digital economy. The blockchain technology is making it possible for people to trade with ease and evade the middleman. As a result, various stablecoins have emerged, such as USDC – known for providing an excellent store of value for cryptocurrency traders. In this context, the recent report published by Etherscan is intriguing. It stated that 63,746,293 units of USDC, costing $63,769,892, flowed into the USDC Treasury.
USDC is one of the most reliable and widely adopted stablecoins that is available in the digital markets across the globe. It is backed by a reserve of US dollars at a one-to-one ratio, which assures the traders that the coin value will not fluctuate abruptly like others in cryptos. The USDC Treasury is where this reserve is maintained, and it serves as an escrow to stabilize the value of the USDC.
The flow of over $63 million into the USDC Treasury signifies a potential high demand for this stablecoin. Those who invest in cryptocurrency or transact using DeFi platforms prefer USDC due to its stable nature. The recent spike in the inflow validates its growing significance and the trust that investors have in it.
One of the essential things to note about this report is that Etherscan is a third-party source of blockchain analytics for Ethereum. It tracks on-chain events and transactions, making it a reliable computer program to capture the events at hand. It corroborates the inflow of USDC into the USDC Treasury.
In conclusion, the movement of $63 million into the USDC Treasury suggests that cryptocurrency traders and investors may have found a stablecoin in USDC to be a reliable store of value for trading. The rising popularity of the coin augments people’s faith in digital transactions, which would result in more adoption of the DeFi ecosystem in the long term.
Keyword-wise, USDC represents the stablecoin, Etherscan is the analytical tool, and Treasury is the escrow account that holds the reserve of USDC.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/2228/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
The Rise of the Cryptocurrency Industry: A Multi-billion Dollar Business
On April 26th, according to the \”2022-2030 Cryptocurrency Industry Data Handbook\” released by Grand View Research, the global cryptocurrency industry reached $400.9 billion in 2021
-
Data: BLUR Whale Luggis.eth cleared 1769125 BLURs after Binance announced the launch of BLUR
According to reports, according to Twitter user ember monitoring, after Binance announced the launch of BLUR, Luggis.eth was the first whale to clear BLUR, but his cost was the hig
-
Brazilian Government to Issue Decree to Supervise Cryptocurrencies
It is reported that the Brazilian government is preparing to issue a decree to fill the gap left by the recently approved cryptocurrency law. This document is …
-
Protecting Your Crypto Wallet: Understanding Phishing Attacks on Binance Smart Chain
According to reports, PeckShield has detected phishing website attacks, diverting 2237 BNBs ($767800) from liquidity providers. The attacker has already transferred 780 BNBs to Tor
-
Gelato DAO Announces Proposal for Future Financing Rounds
On April 7th, a recent proposal from Gelato proposed to allocate approximately 20% of the total GEL supply or approximately 43% of current Gelato DAO funds to future financing roun
-
Dutch Prosecutor Investigates Developer’s Laptop for Details on Tornado Cash
It is reported that the Dutch prosecutor recently obtained access to Alexey Pertsev laptop, a developer of Tornado Cash, and used it to investigate key details…
-
CEO of Wintermute: Bitcoin prices may not continue to rise in the short term, but will continue in the long term
According to reports, Wintermute CEO Evgeny Gaevoy said that as the stock market lagged and Bank of America weathered the crisis, Bitcoin prices were rising, but it was too early t
-
Foreign media: Bank of America and Fidelity have indirect risk exposure through increasing their holdings of MicroStrategy shares compared with Tekin
On April 11th, it was reported that Bank of America and Fidelity Bank held a large amount of MicroStrategy stocks on their balance sheets in the first quarter, indicating that inst
-
The Impact of the Regional Bank Liquidity Crisis on Cryptocurrency Regulation
According to reports, according to Twitter encrypted KOL AP_ Abacus revealed that the regional bank liquidity crisis has temporarily slowed down regulatory attacks on cryptocurrenc
-
The Emergence of Technology Giants in the Unlikely Industry
It is reported that Ryan Wyatt, president of Polygon Labs, wrote in his book that he hopes to lead a company one day. Now he is doing this, although in a very …
-
The Drop in Boring Ape BAYC NFT Floor Price: An Analysis
On April 21st, according to NFT Go data, the floor price of the Boring Ape BAYC NFT series has dropped by 11.14% in the past week, and the floor price is currently at 48.32ETH.
The -
BIS forecasts RBI rate cut as Voyager prepares to launch in Australia
12:00-21:00 Key words: BIS, RBI, Voyager, Australia
Overview of important developments in the evening of March 5
Interpretation of the news:
</… -
Building a Parallel Sequencer: Improving the Performance of Ethereum-based Projects
On April 8th, according to official sources, ABCDE Capital released the open-source parallel Sequencer validation project paraSequencer, aiming to improve the performance of Geth b
-
The Latest Upgrade of Ethereum Shapella: What You Need to Know
On April 12th, according to the latest data from Beaconcha, there are currently less than 5000 slots left until the upgrade of Ethereum Shapella. At the time of writing, there are
-
Article Title: Hong Kong – At the Forefront of Virtual Asset Investment
On March 20, the Secretary for Financial Affairs and the Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu, stated at the Aspen Digital Web3 Investment
-
US Stock Market Soars, Regional Banking Stocks Rebound Sharply
According to reports, the US stock market opened higher, with the Dow index up about 330 points, the Nasdaq index up 1.5% and the S&P 500 index up 1.3%. Regional banking stocks rebounded sharply today, with the First Republic Bank (FRC. N) up about 59%, the Western Pacific Union Bank (PACW. O) up about 55%, and the Western Bank of Alains (WAL. N) up about 48%. US stocks collectively opened higher and regional bank stocks rebounded sharply today Analysis based on this information:On the 6th of May, 2020, the US stock market opened higher than in previous days. The Dow Jones Industrial Average (Dow index), one of the most widely used stock market indicators, was reported to be up by approximately 330 points. The Nasdaq index – another popular stock market indicator – was up by 1.5%, and the Standard and Poor’s 500 index (S&P 500 index) – yet another popular indicator – was up by 1.3%. While the stock…