↑ 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...
In a significant series of events, the USDC coin has seen increasing adoption, market dynamism, and regulatory attention. Arbitrum Orbit Chain users can now cover gas fees using USDC following a partnership with Stablecoin issuer Circle. Jump Crypto briefly held $500M of the coin, while elsewhere, Binance has announced the end of support for USDC on the Tron blockchain network. Coinbase has forged a partnership with Stripe, facilitating fee-free USDC transfers.
The stablecoin also emerges as a viable choice for investors, overshadowing USDT in transactions as per Visa's claim. USDC also serves as the crux of a hacking incident with the Ronin Network involving $12M of Ethereum and USDC. Yet, recovery is underway.
The EU's stringent new MiCA crypto rules approved Circle to issue USDC, implying regulatory acceptance for the stablecoin. Coinbase sees its largest USDC inflow, hinting towards shifting market sentiments towards Bitcoin. Ripple now intends to launch its own US Dollar stablecoin, aiming to rival USDT and USDC.
The coin's issuer Circle plans to relocate to an onerous US, hinting at changes in the firm's tax strategy. Finally, Stripe's support of USDC stablecoin payments this summer signifies its acceptance in facilitating digital transactions. The coin's usage scenarios range from online casinos to more conventional businesses.
USDC Coin News Analytics from Fri, 22 Sep 2023 09:19:24 GMT to Fri, 09 Aug 2024 07:06:17 GMT - Rating 8 - Innovation 4 - Information 7 - Rumor 5
