↑ USDC Coin Gaining Momentum Amid Rising Stablecoin Competition
Coinbase Wallet has introduced a rewards program for its USDC holders with a 4.7% APY. This move positions USDC in direct competition with...
USD Coin (USDC) continues to demonstrate strength and versatility in the crypto market. Unprecedented trading volumes have been reported, with a 48% surge in July alone, mainly due to market growth and the influence of MiCA. In the steady growth of the stablecoin market cap, currently standing at $164 billion, USDC is a notable participant. The coin boasts interest-earning potential, evident in its competitive yield rates and rewards. It has also made its way into crypto casinos, giving gamblers an array of choices.
The effectiveness of USDC has been showcased in different sectors, from becoming a preferred digital currency in Brazil to offering Stripe users the ability to make transfers on Base. Its reliability was put to the test in a massive crypto heist where Ronin Network lost then recovered a significant amount of ETH and USDC. Recently, Coinbase moved customer and corporate USDC balances to Base.
Amid contrasting opinions on which stablecoin is better, especially between USDC and Tether (USDT), USDC continues to gain ground. Enhanced by compliance, it even overtook USDT in stablecoin transactions. Circle, the issuer of USDC, plans to move from Ireland to the US, further asserting its influence. The company also recently obtained a stablecoin license under new EU MiCA crypto rules.
However, there have been some challenges. Binance cut support for USDC on Tron even as other competitors like Ripple aim to rival USDC in the stablecoin market. The Security Exchanges Commission (SEC) raised concerns over USDC, thereby complicating Circle's IPO plans.
Despite the hurdles, USDC maintains a promising outlook, innovating in ways such as going native on the Celo blockchain and potentially being used as a gas currency. Its value and potential were underscored by Coinbase when it saw its largest inflow ever of USDC.
USDC Coin News Analytics from Fri, 22 Sep 2023 09:19:24 GMT to Wed, 07 Aug 2024 06:03:19 GMT - Rating 7 - Innovation 6 - Information 8 - Rumor 3
