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Sunday, October 25, 2020

USDC MARKET CAP IS GROWING FASTER THAN TETHER

 



   USDC, a stablecoin pegged in US dollars, announces Solano as the fourth blockchain, where USDC operates after Ethereum, Algorand, and Stellar.


After the news, based on data from CoinMarketCap, USDC's market capitalization jumped more than $ 53 million and to $ 2.791 billion.


Currently, the stablecoin is 13 by market cap and has traded $ 566 million in the past 24 hours. With this rapid growth, USDC is predicted to compete with its main competitor Tether (USDT).


The USDC market capitalization continues to grow rapidly. The total market cap, which originally stood at $ 473 Million in January 2020, rose to more than $ 2.7 billion in October 2020. This is because many people are hooked on a more stable USD to buy their cryptocurrency.


The recent development of DeFi has also made the market capitalization value of the asset soar. Plus, the advantage of USDC is running on multiple blockchains while making it a huge advantage.


Currently, USDC seeks to surpass the dominance of its stablecoin rival USDT in terms of market capitalization and other uses. With its operations on the Solano blockchain, Coinbase and also Circle, the company that houses USDC, hopes that USDC will soon rise to the top 5 in the future.

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