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USDC crosses the $1 Billion mark

The $1B Mark

The second-largest USD stablecoin has recently surpassed the $1 Billion mark in market capitalisation due to an increase in usage. USDC is issued by CENTRE, back by both Circle and Coinbase.

Source: CoinMarketCap

Stablecoin Fever

This year, 2020, has seen a lot of attention being driven towards stablecoins. The main catalyst was Facebook’s announcement of Novi after which central banks from around the world began working towards their own Central Bank issued Digital Currencies (CBDCs).

Inside of the cryptocurrency space, that had a translated effect in a spectacular surge in market capitalisations and volumes for stablecoins, most notably USDT and USDC. The former has crossed XRP and took the throne as the third-largest asset by market capitalisation which did not see much of a response from the XRP community.

USDT surged to over $9B in market cap and has not stopped growing since with funds on different blockchains: Omni, Ethereum, Tron and Algorand.

USDT vs USDC

The main difference is the companies behind these stablecoins and one of the reasons that USDC may have seen a certain rise of popularity is because of all the skepticism and criticism surrounding USDT. The latter is issued by Tether who is closely tied two Bitfinex and the two were accused of covering up losses which regained clarity from Bitfinex announcements.

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