↑ USDC Coin Becoming a Potent Stablecoin Contender with Strong Global Presence

The BBVA bank has integrated the USD Coin (USDC), a renowned stablecoin, for its cryptocurrency services in Switzerland. The move enlarges BBVA's digital currency services, catering to high-net-worth clients. In a surprising turn of events, China's Digital Yuan surpassed both USDC and USDT with a transaction volume of over $1 trillion. Meanwhile, Brazil's largest digital bank, Nubank, discontinued its native crypto, Nucoin, replacing it with Bitcoin and USDC.

Concurrently, Binance announced the termination of support for USDC stablecoin on its Tron blockchain network. Similarly, crypto firm Circle confirmed discontinuing USDC support on Tron, significantly impacting Tron's ecosystem. However, interestingly, Circle has expanded its user base by bringing USDC to users in Brazil. This decision was followed by securing a partnership deal with Brazil's BTG Pactual and Nubank.

In the US, Coinbase decided to shift its customer and corporate USDC balances to its native Layer-2 blockchain, BASE, securing a major win for USDC. Responding to this, Stripe partnered with Coinbase to facilitate USDC transfers on Base. This stablecoin resurgence comes after a banner year for USDC, with $23 billion in transaction volume marking a significant milestone.

USDC's growth prediction for 2030 foresees a bullish run based on positive outlooks due to increased adoption and compliance with the EU's MiCA legislation. The compliance push led Circle to stop minting USDC on the Tron network and instead execute this process under Europe's MiCA regulatory framework. As a result, the USDC issuer Circle plans to relocate from low-tax Ireland to a potentially more taxing USA.

On a concerning note, potential SEC issues relating to USDC may complicate Circle's intent to IPO its service in the United States. Despite this, USDC trading volume soared 48% in July, driven by the market growth and MiCA compliance. Meanwhile, Circle launched a profitable new initiative that lets users trade their BlackRock tokenized fund shares for USDC, increasing its token utility.

USDC Coin News Analytics from Mon, 27 Nov 2023 08:00:00 GMT to Wed, 11 Sep 2024 15:04:11 GMT - Rating 6 - Innovation 7 - Information 9 - Rumor 5