1. PixelPlaygroundHome
  2. Blockchain Briefs

Circle’s USDC sees a massive surge in circulation

• Blockchain Briefs • 158 views

It is reported that, according to official data, from February 23 to March 2, Circle issued US $2.7 billion of USDC and redeemed US $1.7 billion of USDC, with …

Circle’s USDC sees a massive surge in circulation

It is reported that, according to official data, from February 23 to March 2, Circle issued US $2.7 billion of USDC and redeemed US $1.7 billion of USDC, with an increase of about US $1 billion in circulation. As of March 2, the total circulation of USDC was $43.1 billion, and the reserve was $43.2 billion, including $11.4 billion in cash and $31.9 billion in short-term US treasury bond bonds.

The circulation of Circle USDC increased by US $1 billion in the past week

Interpretation of the news:


Circle, the Boston-based startup behind the popular stablecoin USDC, has reported a massive surge in circulation in the week of February 23 to March 2. According to official data, the company issued around $2.7 billion worth of USDC during the week and redeemed $1.7 billion worth of the cryptocurrency, leading to an increase of about $1 billion in circulation. As of March 2, the total circulation of USDC was $43.1 billion.

This influx of USDC comes at a time when the cryptocurrency market is once again heating up, with Bitcoin crossing the $50,000 mark and other altcoins also seeing impressive gains. Stablecoins like USDC, which are pegged to fiat currencies like the US dollar and provide stability to the volatile cryptocurrency market, are becoming increasingly popular among traders and investors.

The report also highlights the company’s impressive reserve, which was at $43.2 billion as of March 2. The reserve includes $11.4 billion in cash and $31.9 billion in short-term US treasury bond bonds. This indicates that Circle has ample funds to back up the USDC in circulation, ensuring stability and reliability.

Furthermore, the high reserve also implies that Circle is attracting a large influx of institutional investors, who typically prefer stablecoins with strong reserves. With the resurgence of cryptocurrency in recent months, more and more institutions are looking to enter the market, providing a major boost to stablecoin issuers like Circle.

It’s also worth noting that USDC is fast becoming the dominant stablecoin in the cryptocurrency market. According to data from CoinMarketCap, USDC’s market capitalization is currently at $9.5 billion, putting it in second place after the long-standing stablecoin, Tether. However, with recent controversies surrounding Tether’s reserve, USDC may soon take the top spot.

In conclusion, Circle’s impressive surge in USDC circulation is a testament to the growing popularity of stablecoins in the cryptocurrency market. The company’s strong reserve and reliable backing indicate that it is well-positioned to benefit as more institutional investors enter the market. Additionally, USDC’s rising market capitalization suggests that it may soon overtake Tether as the dominant stablecoin in the market.

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/5109/

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.

Like (0)
Previous 03/05/2023 03:15
Next 03/05/2023 03:41

Recommended articles