Home Altcoins News USDC Stable Coin Adoption Grows as Investors Desire to Buy the Dip

USDC Stable Coin Adoption Grows as Investors Desire to Buy the Dip

USDC Coin

USDC supply has been growing at a faster rate than TETHER since the beginning of 2021, and its growth rate has increased significantly over the last month.

Ever since the may Dip there has been lot of migrations happening to the stable coins. Reportedly, the market cap of $USDC has been growing MoM almost consistently faster than the market cap of $USDT. If these trends continue, USD Coin is set to surpass Tether’s market cap by 2022.

Jeremy Allaire expressed:  “USDC is now powering Miami.” Also recollected, “Proud to say that MIT used Circle Pay to distribute BTC to everyone on campus 7 years ago.”

The growth in stablecoins should be viewed as a positive sign for price support as it shows investor desire to “buy the dip” amidst the recent market correction.

Twitter handle David Gerard:  “HYPOTHESIS: USDC is the new Tether. They are not backed by dollars in a bank account, but by unknown motley “assets” they won’t tell what they are. Their attestations are absolutely not audits, and even their attestations are late. Half of all USDC were issued a few hours ago.  Bitcoiners are rushing in to defend USDC, because Circle has massive backing from bitcoin miners.”

Critics:  Who ever loved USDC? The point of crypto is to get away from the USD, fiat, and other centralized currencies.

At some point, you have to assume that the central banks want this to happen. They are looking at a Giant crypto bubble that is reasonably remote from the rest of the financial infrastructure. Drinks up a ton of liquidity, and then disappears.  Gone.

For those who are new:  “USD Coin (USDC) represents a major breakthrough in how we use money. Digital dollars work like other digital content — they move at the speed of the internet, can be exchanged in the same way we share content, and are cheaper and more secure than existing payment systems.

USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars, and governed by Centre, a membership-based consortium that sets technical, policy and financial standards for stablecoins.”

The USDC Institutional Trading Program has been designed to meet the needs of high-volume trading firms, crypto exchanges and market makers.

Provides support for automatic USDC conversions from banks in 85+ countries. Forthcoming token swap services for Multichain USDC.  Forthcoming USDC Yield products that provide for yield on working capital and overnight funds held in USDC with Circle and more.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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