USD Coin (USDC) Circulating Supply Eclipses $50 Billion

Issued by Circle Inc., USD Coin (USDC) is the second stablecoin by market capitalization. On the similar time, it would surpass USDT ought to its capitalization proceed to develop at that tempo.

USDC surpasses $50 billion in market cap

Mr. Jeremy Allaire, CEO and co-founder of digital currencies heavyweight Circle, has taken to Twitter to share a thread in regards to the newest milestone achieved by his staff and its flagship product, USD Coin (USDC).

50 BILLION USDC (w/ thread beneath) pic.twitter.com/5FEaPmXjup

— Jeremy Allaire (@jerallaire) February 1, 2022

USDC market capitalization (internet USD-denominated worth of all USD Cash in circulation) has surpassed $50 billion. In all, Circle minted greater than 100 billion USD Cash (USDC), Mr. Allaire reported.

As such, USDC has witnessed 10,000% progress in two years. Now, it’s supported by 200 blockchain protocols, 34 exchanges and 223 digital forex wallets globally.

In complete, $2.5 trillion had been transferred betwen 4.7 million crypto accounts of USDC holders.

Who’s the winner of the “digital forex” house race?

As of Q1, 2022, the USDC stablecoin is issued on eight totally different blockchains. Customers in 175 international locations are capable of make the most of USDC in DeFi and retail funds.

Mr. Allaire stresses that such an enormous adoption of USDC is of paramount significance for the dominance of the U.S. Greenback as a world forex within the Web3 period:

When you ever puzzled whether or not the US and US Greenback had been successful the digital forex house race, nicely now you have got the reply.

As coated by U.At the moment earlier right this moment, India goes to launch its official Rupee-pegged CBDC in fiscal 12 months 2022-2023.

Such an announcement was made right this moment, Feb. 1, 2022, by Indian Finance Minister Nirmala Sitharaman.