An exact year passed today from the launch of stablecoin, which amazed everyone with its utility and stability. The token which within only a year established itself as a second most popular stablecoin in the world. The first stablecoin to reach over $1 billion in issuance in less than a year. We are talking about USD Coin (USDC), born from the collaboration of fintech giants: Circle and Coinbase.
USDC represents one US Dollar value per coin. For it to be emitted, it has to be covered by USD, which is provided by client buying USDC from Circle or Coinbase.
When USD Coin saw the light of the day, there was already plenty of other stablecoins. So there was a possibility that it won’t establish a solid foothold on the market. However, the worries were unnecessary because in only a year:
- Over 1 billion USDC was issued,
- Transfers value reached 17,5 billion USDC,
- USD Coin was listed on 50 cryptocurrency exchanges,
- Market capitalization exceeded 400 million USD.
What was the key to success? USDC has all the positive features of crypto: it’s fast and cheap and next to that: transparency, availability and liquidity. Every month Grant Thornton LLP tests USDC reserves and creates the Independent Accountant’s Report. All these reports are available in public. USD Coin ecosystem consists of over 100 organizations, and the token itself is available on the largest crypto exchanges in the world. Including BitBay where you can trade on USDC markets with extraordinary low fees — taker: 0.1% and maker: 0%
What do you think about USD Coin? Will it surpass Tether? Let us know in the comments!
