|All Time High:
|The price of #USDC today is $1.00 USD.
The lowest USDC price for this period was $0, the highest was $1.000, and the current live price for one USDC coin is $0.99955.
The all-time high USDC coin price was $1.09.
Use our custom price calculator to see the hypothetical price of USDC with market cap of BTC and how the supply of USDC affects the price at different market capitalizations.
|Stable coin based on USD.
The code for USD Coin is #USDC.
USD Coin is 5.4 years old.
|The current market capitalization for USD Coin is $28,029,142,987.
USD Coin is ranked #7 out of all coins, by market cap (and other factors).
|The trading volume is huge today for #USDC.
Today's 24-hour trading volume across all exchanges for USD Coin is $2,888,121,087.
|The circulating supply of USDC is 28,041,742,581 coins, which is 100% of the total coin supply.
Relatively, USD Coin has a large supply of coins, 1,275 times larger than Bitcoin's supply, for example.
|USDC is well integrated with very many pairings with other cryptocurrencies and is listed on at least 230 crypto exchanges.
View #USDC trading pairs and crypto exchanges that currently support #USDC purchase.
More USD Coin (#USDC) News
|USDC Wallet Growth Soars 59% Despite Headwinds: Circle
Increasing interest rates, regulatory actions, financial insolvencies, and instances of fraud have significantly contributed to shrinking the overall digital asset economy in the past year. The world's second-largest stablecoin - USDC - wasn't immune to these forces either.
The total circulating supply has declined from approximately $45 billion to about $25 billion by the conclusion of November 2023. The rise in interest rates in conventional markets elevates the opportunity costs associated with holding USDC, as holders do not accrue interest on their holdings.
Despite this, the number of USDC wallets with a balance of at least $10 has grown 59% in the last year alone, rising above 2.7 million.
According to a report titled 'State of the USDC Economy,' Circle revealed that its stablecoin has been used to settle over $12 trillion in blockchain transactions since its introduction in 2018.
The report highlights the stablecoin issuer's role in facilitating more than $197 billion in transfers between the traditional banking system and blockchain networks in 2023, accomplished through the minting and redeeming of USDC.
The statistics also reveal 595 million transactions facilitated by USDC from January through November 2023 despite being riddled with many setbacks, starting from the banking crisis.
A notable feature, Circle's Cross-Chain Transfer Protocol (CCTP), introduced in April 2023, has already made a significant impact by conducting 66,500 transactions. This...
|Circle Report Shows USDC Navigating Challenging Waters in 2023
Despite a challenging 2023 with a substantial decline in circulating supply, a Circle report claims USDC emerges resilient, experiencing a surge in real-world applications and a decrease in speculative trading.A Resilient Year for USDC Amidst Market Shifts
Circle, the issuer of the USD Coin (USDC), released its “State of the USDC Economy,” covering current key trends and shifting dynamics in USDC and the “new internet financial system.”
2023 was a challenging year for USDC. The stablecoin, which is pegged to the U.S. dollar and backed by liquid cash and cash-equivalent assets, witnessed a decrease in its circulating supply from $45 billion to $25 billion – a 44% decline. This reduction was largely attributed to a shift of assets from the crypto ecosystem to traditional markets, spurred by opportunities brought on by rising interest rates, regulatory pressures, industry bankruptcies, and fraud incidents.
However, in a counterbalancing act, the number of wallets holding at least $10 of USDC soared by 59%, totaling over 2.7 million. This growth occurred amidst a broader contraction in the crypto sector, a move the report considers a signal of confidence in USDC. The stablecoin was an important bridge between the crypto asset economy and traditional finance, with over $197 billion of USDC issued or burned throughout the year.
The Asia-Pacific region, in particular, has witnessed a surge in USDC usage for remittances, with $130 billion flowing into t...
|Circle Completes USDC Upgrade to Version 2.2
Circle, the stablecoin company, has completed the upgrade of its USDC stablecoin to the 2.2 version. The update brings a slew of changes, including gas efficiency improvements, support for account abstraction and smart contract wallets, and enhancements in the resiliency of the currency when dealing with forks.
Circle Finishes Rollout of USDC 2.2 Improvements
Circle is improving its USDC stablecoin to include new functions and improve its functionality. The company recently completed the upgrade of USDC to the 2.2 version, bringing a slew of changes destined to improve performance, and adding new features to the stablecoin.
Most of these changes diminish transaction costs to perform specific functions. For example, the upgrade enhances the performance of the blocklist check function, which allows Circle to identify which wallets can transact and which can't, according to Circle's Access Denial policy.
Circle estimates that this brings savings all across commonly used USDC operations, like transacting and trading USDC. According to developers, cost reduction can range between 6-7%. Burning and minting USDC across chains also get savings of 3-4%. Also, some functions that do not involve moving funds are now excluding these checks, bringing further fee savings with this change.
USDC can now be managed by smart contract wallets, giving a boost to account abstraction initiatives that seek to simplify the management of wallets and funds for end users. Through the implementat...
|US Financial Firms Prefer USDC to USDT: CryptoQuant Founder
Ki Young Ju, the founder and CEO of on-chain analytics platform CryptoQuant, believes financial institutions in the United States prefer Circle’s USD Coin (USDC) to Tether’s USDT.
In a Friday tweet, Ju revealed that the financial firms are “not too comfortable” with USDT and would rather worldwide crypto users execute their stablecoin transactions in USDC.
U.S. financial institutions are not too comfortable with Tether, and they prefer to see more people using $USDC worldwide.
For $USDC to gain global traction, the fastest way could be for @CoinbaseIntExch to attract more retail investors to their derivative products.
— Ki Young Ju (@ki_young_ju) January 12, 2024
Preferring USDC to USDT
The CryptoQuant founder did not disclose possible reasons why financial firms in the U.S. prefer USDC to USDT but suggested a strategy for getting the desired stablecoin to gain global traction.
Ju explained that USDT’s rising reserve dominance across global exchanges is driven by its use in derivatives collateral. With a market cap of more than $94.9 billion, USDT has gained 71.92% dominance in the stablecoin market, ahead of USDC, which is dominating by 19.49%.
Tether currently dominates the Ethereum and Tron networks. While the former has a balanced composition of USDT and USDC, the latter is overwhelmingly dominated by USDT. This is evident in USDT accounting for over 95% of all token contracts and 94% of stablecoin total value locked on the Tron netwo...
|USDC Issuer Circle Files for US IPO
Circle Internet Financial, the entity behind the stablecoin USDC, revealed on Thursday that it has confidentially submitted documents for a U.S. initial public offering (IPO) with the aim of transitioning into a publicly traded company.
The specifics of the IPO, such as the number of shares to be offered and the proposed price range, were not disclosed in the filing.
The IPO is anticipated to proceed once the Securities and Exchange Commission (SEC) completes its review process, contingent upon market conditions and other factors, as stated by the company.
Circle had previously asserted a valuation of $9 billion in a 2022 deal to go public through a special-purpose acquisition company, which was terminated in December 2022.
After the setback, Circle CEO Jeremy Allaire expressed disappointment and affirmed the company's continued intention to go public.
Headquartered in Boston, Circle oversees the issuance and governance of USDC, a stablecoin pegged to the U.S. dollar.
USDC ranks as the second-largest stablecoin, following Tether, and holds the seventh position among all cryptocurrencies in terms of market cap, according to CoinGecko. As per the data, there are approximately $25 billion worth of USDC tokens in circulation, down from a peak above $56 billion in mid-2022.
The crypto industry faced a downturn in 2022, marked by a decline in token prices and heightened investor caution, leading to the collapse of various prominent crypto firms, including FTX.
Circle, responding t...
|USDC Stablecoin Temporarily Depegs to $0.76 on Binance Amid Market Turbu...
Circle's USDC, typically pegged to the dollar, experienced unexpected volatility on Binance, dipping as low as $0.76 amidst a market rattled by Bitcoin ETF skepticism and a significant liquidation in derivatives.USDC Temporarily Depegs on Binance Amidst Crypto Market Sell-Off
In a surprising move that startled the cryptocurrency market, Circle's USDC dollar-pegged stablecoin momentarily depegged from its $1 value, falling as low as $0.76 on the Binance exchange platform. This incident occurred during a market-wide sell-off, which was spurred by skepticism over the potential approval of a spot bitcoin ETF this month. Notably, USDC experienced three distinct price drops against its tether (USDT) trading pair on Binance between 12:10 and 12:21 UTC, hitting lows of $0.76, $0.803, and $0.80 before quickly recovering back to its $1 peg each time.
This depegging is likely to be the result of a lack of sufficient liquidity when large sell orders were placed for USDC in exchange for USDT. The Binance 2% market depth for the USDC/USDT pair revealed a skew towards the upside, indicating that any sell order larger than the $6.1 million liquidity floor could force the price below its $0.98 usual fluctuation. The instability was also influenced by a $500 million liquidation in derivative positions following a report that speculated on the SEC's rejection of various spot bitcoin ETF applications.
The volatility of USDC is particularly notable given its usual stability as a fiat currency-ba...
|Clock Ticking: 6 Hours Left in MetaWin's Thrilling $1 Million USDC Prize...
[PRESS RELEASE - London, UK, December 22nd, 2023]
Revolutionary Web3 Platform Prepares to Award $1 Million USDC Prize
MetaWin, the premier web3 competition platform leveraging blockchain technology, is counting down the last 6 hours in its record-breaking MetaWin Millionaire prize draw, where one lucky player will win a life-changing $1 Million USDC!
$1 Million Grand Prize Draws in Less than 6 Hours
With the competition ending today, December 22nd at 21:00 GMT, there is still time to secure a free entry into the $1 Million USDC sweepstakes before registration closes.
The $1 Million USDC prize is already staked in a smart contract on-chain, and will be instantly transferred to the randomly selected wallet, making one lucky participant an instant millionaire.
Crypto Twitter Abuzz with Anticipation
Interest in the competition is reaching fever pitch with multiple influential accounts entering the draw, with Pranksy, dannycrypt, sibel and noteezzy all showing off their entries.
But even with the excitement mounting, there are currently just over 5000 registered entries, which still offers attractive odds for new participants.
Just Released: More than 50+ Eth in Free-to-Play NFT’s
To celebrate the momentous countdown to the World’s biggest crypto prize, Metawin has just announced the release of 50+ ETH worth in NFT’s in free-to-enter competitions. The competitions range in value from smaller, but high-quality projects, to more established blue chips such as ...
|USDC Stablecoin Issuer Circle Rejects Accusations of Facilitating Illici...
Stablecoin issuer Circle has dismissed false claims of facilitating illicit financing activities. In a letter addressed to US Senators Sherrod Brown and Elizabeth Warren, the company also said it does not provide banking services to Justin Sun, the Tron Foundation, or HTX (formerly known as Huobi Global).
In February 2023, Circle terminated all accounts belonging to Sun and companies associated with him.
'False' Claims of Illicit Financing
In response to a previous letter from the non-profit organization Campaign for Accountability (CfA), Circle's Chief Strategy Officer and Head of Global Policy, Dante Disparte, issued a rebuttal, asserting that the agency's communication contained numerous errors, omissions, and misleading information.
Circle clarified that it does not, directly or indirectly, facilitate or finance Hamas or any illicit actors while emphasizing that the company does not provide banking services to Justin Sun. It highlighted its adherence to various regulatory frameworks, including the Bank Secrecy Act (BSA) and laws targeting anti-money laundering and counter-financing of terrorism.
'Circle does not “bank” Justin Sun. Neither Mr. Sun nor any entity owned or controlled by Mr. Sun, including the TRON Foundation or Huobi Global, currently have accounts with Circle. To date, the US government has not specifically designated Mr. Sun or his entities as Specially Designated Nationals. Nonetheless, Circle terminated all accounts held by Mr. Sun and his af...
|Circle Partners With SBI Holdings to Launch USDC in Japan
Circle, a payment services company, and SBI Holdings, a conglomerate of financial companies, have partnered to bring liquidity services for the use of USDC, one of the largest stablecoins in the cryptocurrency market, to Japan, and promote the local use of stablecoins in the Web3 industry.
Circle Partners With SBI Holdings to Promote USDC in Japan
Circle, a U.S.-based payment services provider, and SBI Holdings, a financial services company with more than $160 billion in assets, have partnered to promote and facilitate the usage of USDC, a dollar-pegged stablecoin, in Japan.
The partnership, which involved signing a memorandum of understanding between the two companies, encompasses introducing and promoting USDC as a regulated stablecoin in Japan under the Revised Payment Services Act and the commitment to follow Japanese rules for the distribution and management of the stablecoin.
For this purpose, SBI Shinsei Bank, part of the SBI conglomerate, will provide direct banking services to Circle, allowing local customers to have a local liquidity source for USDC-related applications. SBI VC Trade, another SBI company, is seeking registration as an electronic payment instruments service to provide distribution services for Circle's stablecoin.
A Crypto-Friendly Regulatory Framework
Jeremy Allaire, CEO of Circle, who has been a critic of the regulatory state of the crypto industry in the U.S., clarified that this move was possible due to the Japanese regulations that estab...
|SBI Holdings and Circle Collaborate to Boost USDC Circulation in Japan
SBI Holdings, Inc., a leading Tokyo-based financial services firm, has announced its strategic partnership with Circle Internet Financial, the USD Coin (USDC) issuer.
This collaboration aims to increase the circulation of USDC and promote the use of Circle’s cutting-edge Web3 services in Japan while establishing a banking relationship.
SBI and Circle’s Partnership
This agreement, formalized through a Memorandum of Understanding (MOU), paves the way for enhanced adoption of USDC and innovative Web3 services across Japan.
Jeremy Allaire, CEO and co-founder of Circle, expressed enthusiasm about this partnership, stating, “Our collaboration with SBI sets new standards in Japan's financial sector. We are united in our vision for the future of digital currency.”
Circle and SBI Holdings are joining forces to boost $USDC circulation and transform the financial landscape in Japan with $USDC and Web3 Services! This partnership signifies a major leap in digital asset innovation and a strategic expansion for $USDC in Asia.
Read more about…
— Circle (@circle) November 27, 2023
Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, echoed these sentiments, highlighting Japan's readiness for stablecoins' full-scale introduction.
“The signing of this comprehensive business alliance with Circle is a decisive step towards the widespread adoption of stablecoins in Japan. With USDC's global usage and substantial market ca...
|Circle And SBI Holdings Partnership To Boost USDC In Japan
Global financial firm Circle has announced a strategic partnership with the Japanese financial services SBI Holdings, Inc., to promote the adoption of Circle's USDC stablecoin and web3 services in Japan.
Circle Joins SBI Holdings In A Memorandum Of Understanding
According to the announcement, both parties have signed a Memorandum of Understanding (MOU) toward promoting UDSC's adoption in the country. Due to this, both parties are also committed to accurately abiding by stablecoin-related regulations and communication with authorities.
The announcement read:
The companies have signed an MOU underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan. SBI Group and Circle have also committed to properly complying with stablecoin-related regulations, including communication with authorities.
Circle's partnership with SBI Holdings comes amid the Japanese government's goal of encouraging the expansion of the Web3 business and enacting new stablecoin rules. In June, Japan's updated Payment Services Act was published, emphasizing stablecoin regulation.
The Revised Payment Service Act focuses on stablecoin issuance and circulation in Japan as it moves toward a Web3 economy.
As a global leader in the digital asset economy, the Japanese government revised the Payment Services Act (the Revised Payment Services Act), on June 3, 2023, to establish regulations for stablecoins. The r...
|Stablecoin Rollercoaster: Tether (USDT) Adds $22 Billion, While USDC Los...
The market is still overwhelmingly influenced by the Tether (USDT), with traders and investors preferring it over major competitors. This inclination is due to its status as the largest digital asset tied to the value of the US dollar, with its market cap surging to a new all-time high of $87.48 billion this week.
The narrative for USDC, on the other hand, follows a different trajectory. The Circle-issued stablecoin has failed to gain much momentum in 2023.
USDT vs USDC: The Battle for Stablecoin Supremacy
Despite facing repeated scrutiny regarding the authenticity, reliability, and certainty of its reserves, USDT still holds the position of being the third-largest digital asset globally, trailing closely behind Bitcoin (BTC) and Ether (ETH).
The cryptocurrency market experienced a downturn and witnessed various high-profile scandals over the past year, but this did not impede the growth of USDT. During this period, its market cap increased by $22 billion. In contrast, its stablecoin rival, USDC, sailed into significant headwinds earlier in the year, with data indicating a reduction of $21 billion in its market cap over the past year.
Over the past 1 year, USDT market increased $22 Billion.
In the same time period, USDC market cap declined $21 Billion.
The tale of 2 stablecoins. pic.twitter.com/6fe121mtVl
— Gabor Gurbacs (@gaborgurbacs) November 13, 2023
Following its peak at $55 billion in June 2022, the market capitalization of USDC has steadily decreased and contin...
|Here's What You Need to Know About Circle's v2.2 Upgrade for USDC and EU...
Stablecoin issuer and fintech firm Circle has announced the launch of a new v2.2 upgrade to USDC and EURC. It is aimed at significantly reducing gas costs, improving support for account abstraction, and further strengthening transaction security on EVM blockchains.
This phased rollout is expected to be completed over the next few months.
The USDC and EURC smart contracts will undergo six modifications, all incorporated in a unified v2.2 upgrade for each supported EVM blockchain. This upgrade is fully backward-compatible, introducing no breaking changes to existing integrations. The upgrade has been audited by Halborn, a prominent third-party blockchain security firm.
Six New Changes to USDC and EURC Smart Contracts
The first major improvement is geared towards enabling signature validation from smart contract wallets. To achieve this, USDC and EURC will adopt EIP-1271 to allow authorized transfers to be used from a smart contract wallet in addition to a private key wallet.
This change, aligned with the growing trend of account abstraction in the EVM ecosystem, enhances user experiences. Developers, on the other hand, will be able to create products enabling users to pay network gas fees using USDC and EURC, according to the official announcement.
In the second improvement, Circle focuses on enhancing the blocklisting check efficiency in USDC and EURC smart contracts. With v2.2, the stablecoin issuer plans to optimize the blocklist state storage, significantly reducing network...
|Circle Revamps Stablecoins USDC, EURC With Upgrade Focused on Gas and Se...
Circle has announced a new v2.2 upgrade for its usd coin and euro coin digital stablecoins. The changes aim to significantly reduce gas costs, enable new use cases, and bolster security.Circle Unveils 2.2 Upgrade for Stablecoin Suite
Circle unveiled the latest upgrade in a blog post on Thursday, touting six key changes coming to the usd coin (USDC) and euro coin (EURC) smart contracts. The upgrades will roll out through early 2024 across major blockchains like Ethereum, Avalanche, and Polygon that support USDC and EURC. The company detailed that the last major changes occurred in 2021.
The first big change enables USDC and EURC to be transferred directly from smart contract wallets using signature validation. This improvement will allow developers to build decentralized applications (dapps) that let users pay network fees in USDC or EURC instead of underlying crypto assets like ethereum (ETH).
Second, Circle has optimized USDC's blocklist feature to check addresses against a more efficient data structure, resulting in gas savings of around 6-7% for common transactions like transfers. 'Cost reduction can range between 6-7% for functions invoked in many common use cases, such as making a transfer, payment, or trade with USDC or EURC,' the announcement explained.
The contracts will also include logic to prevent validation on unauthorized forks, protecting users if networks splinter into competing blockchains. Additional tweaks remove unnecessary operations that were incorrectly...
|Dydx Chain Unveils Network Fee Distribution and USDC Trading Fee Allocat...
The Dydx chain, a proof-of-stake blockchain network, has successfully launched its mainnet and introduced dydx as its layer one (L1) token. On October 26, at 1 p.m. EDT, the network’s validators created the first block, signifying the start of a new era for the Dydx chain. The introduction of dydx as the L1 token brings with it enhanced utility, including the distribution of network fees to validators and stakers, and the allocation of trading fees to stakers in the USDC stablecoin.Dydx Chain’s Mainnet Goes Live, Introducing Dydx as Integral L1 Token
Located in Zug, Switzerland, the Dydx Foundation oversees the Dydx chain, ensuring a secure and efficient operation of the network. Utilizing the Cosmos SDK and leveraging CometBFT for consensus, the Dydx network requires validators to stake its native tokens, contributing to the network's security and governance. The development team’s announcement sent to Bitcoin.com News details that the L1 protocol token is pivotal in upholding the integrity and functionality of the blockchain.
The distribution of network fees on the Dydx chain is designed to incentivize participation and investment in the network. Validators and stakers are rewarded with a share of the protocol fees, acknowledging a crucial role in maintaining network security and stability. This mechanism aims to ensure a fair and transparent distribution of rewards, aligning the interests of all parties involved.
A unique aspect of the Dydx chain's fee s...
|Major Luxury Car Manufacturer Now Accepts Bitcoin, Ethereum, and USDC fo...
Ferrari, the Italian luxury car manufacturer, is now accepting cryptocurrency payments, including Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) for its products.
The decision to accept cryptocurrencies came in response to requests from clients and dealers, including both traditional investors and young cryptocurrency investors.
Ferrari has partnered with BitPay as the payment processor, and this move is seen as a positive development for cryptocurrency adoption, although it may not significantly impact the market during bearish periods.
Italian Luxury Car Maker Adopts BTC, ETH, & USDC.
Galliera said many of Ferarri's clients are invested in cryptocurrencies. As a result, the company decided to accept crypto payments after a number of requests from clients and dealers:
'Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.'
Moreover, he said the company is hoping to expand its customer base by accepting crypto:
'This will help us connect to people who are not necessarily our clients but might afford a Ferrari.'
Galliera assured customers looking to part with their crypto for a Ferarri that they will not have to pay more to use cryptocurrency for their purchase:
'Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.'
Ferrari is partnering with BitPay as the payment processor to make this happen. Holders of Bitcoin, Ethereum, a...
|Ethereum Foundation Trades 1,700 ETH for $2.76 Million in USDC
Blockchain sleuths spotted the Ethereum Foundation trading 1,700 ETH for a hefty $2.76 million in USDC stablecoins. This comes hot on the heels of Ethereum's co-founder, Vitalik Buterin, transferring a cool $3.79 million in ether within a mere ten days.Ethereum Foundation Parts With Ethereum in $2.76 Million Stablecoin Deal
Through the decentralized platform, Uniswap, the Ethereum Foundation executed the 1,700 ETH for $2.76 million USDC swap. Eagle-eyed observers and the sharp team at Scopescan didn't miss a beat. 'The Ethereum Foundation has just sold 1.7K ETH ($2.76M) for USDC,' announced Scopescan at a bright and early 4:25 a.m. Eastern Time on Monday. Naturally, this stirred some buzz in the crypto sphere.
'Ethereum Foundation sold 1,700 ETH for $2.7 million because: They are paying to their workers. They are building new projects. They're supporting new devs and projects. Don't panic,' advised a fervent ether enthusiast.
This transaction trails Buterin's recent move of shipping $3.79 million in ether to centralized platforms within a span of ten days. Data from Arkham Intelligence reveals that the Ethereum Foundation's coffers still boast a staggering 316,761 ether, valued at a whopping $501 million. Additionally, they're sitting on a nest egg of around $49 million in wrapped ether (WETH).
Historically, the Ethereum Foundation has been transparent with its finances, releasing periodic reports. It's anticipated that this latest trade might feature in their upcoming discl...
|Circle's USDC Burn Impacts Base Network's Total Value Locked
Coinbase-incubated layer-2 blockchain, Base, witnessed a dramatic rise, even briefly outshining Ethereum mainnet. Based on Optimistic Rollup and developed on the Ethereum network, Base utilizes OP Stack tech that has added to its appeal owing to the growing demand and popularity of alternatives in the ecosystem.
However, its TVL has taken a hit in the past week.
According to data from L2Beat, the total value locked in Base Network fell by more than 18.28% to $437 million in the past seven days.
The significant decrease in Base's Total Value Locked (TVL) can mainly be attributed to the extensive burning of Base USDC on September 29.
Data from Dune Analytics indicate that the figure plummeted from a high of 160 million down to just 29.84 million in a single day.
This comes after fintech firm and stablecoin issuer Circle announced the launch of USDC earlier last month.
As a result, Matter Labs’ zero-knowledge (zk) rollup tech-powered scaling solution - zkSync Era - with a TVL of $476 million surpassed Base, which now stood at the fourth position.
Among the top five rollups, Base is the only project in red, while Arbitrum One and OP Mainnet were up by 10.12% and 8.29%, with TVLs of $6.17 billion and $2.80 billion, respectively.
Moreover, zkSync Era' TVL was also up by more than 15% during the same period.
Despite the drawdown in TVL, Base remains a strong contender in the space.
Since its inception, the network has bridged over $459 million.
The post Circle's USDC Burn Im...
|Circle's USDC Stablecoin is Now Available on Polkadot Asset Hub
Circle, a stablecoin issuer, has introduced the USDC stablecoin into the Polkadot ecosystem of parachains. This move signifies a significant extension of the accessibility of this dollar-backed stablecoin across different blockchain networks.
As detailed on Circle's official website, developers and users can now readily access Polkadot USDC. That means the stablecoin can be seamlessly transmitted to parachains within Polkadot by leveraging the XCM protocol through Circle Account and Circle APIs.
Circle Launches USDC Stablecoin
The Polkadot USDC is inherently generated on the Polkadot Asset Hub, a shared parachain dedicated to creating, administrating, and moving digital assets within the Polkadot network.
Circle explicitly emphasizes that its Circle Account and Circle APIs exclusively facilitate transactions involving Polkadot USDC that have been originally issued on the Polkadot Asset Hub within the Polkadot ecosystem. That means users must transfer USDC from their Circle Account to an external wallet address within the Polkadot Asset Hub before engaging in transactions via the XCM protocol.
Additionally, Circle stated that when moving USDC from the Polkadot Asset Hub to other parachains through XCM, it is imperative to conduct a transfer back to the Polkadot Asset Hub via XCM before depositing it into the Circle Account. Circle strongly advises against attempting to deposit XCM-transferred USDC from a parachain other than the Polkadot Asset Hub into a Circle Account, as thi...
|USDC Launches on Base And Optimism
On the 29th of August, Jeremy Allaire – the CEO of Circle, the company that mints and holds governance over USDC – announced that the popular stablecoin would be coming to Base and Optimism within a week.
The launch was part of Circle’s plan to improve the utility of USDC by bringing the stablecoin to more blockchains in a native token, eliminating the need for bridged Ethereum tokens. The decision came shortly after the announcement of a new super chain agreement with Optimism, with Circle now assuming a more active role in the Optimism collective’s day-to-day dealings.
The two new variants of the USDC stablecoin have gone live on both mainnets earlier this morning. Both variants were built on the OP stack, and their launch is a part of Circle’s Stable September initiative, which aims to drive the adoption of their stablecoin by providing extra assurances to devs and investors worldwide.
1/ It’s here. #StableSeptember. The day you’ve all been waiting for - what comes first? How about two launches on the same day?
Introducing $USDC on @optimismFND and USDC on @BuildOnBase, two leading L2 scaling solutions for Ethereum built on the OP Stack. pic.twitter.com/v3SgJBZ7qG
— Circle (@circle) September 5, 2023
Now that the two blockchains support un-bridged USDC, the bridged USDC stablecoins will likely be deprecated at some point in the future.
Meanwhile, Circle’s team has warned the community not to send USDC.e...
|Visa Broadens Stablecoin Settlement Reach with Circle's USDC by Tapping ...
Global payments processing giant Visa has announced expanding its stablecoin settlement capabilities to the Solana blockchain.
Visa has successfully conducted real-world pilot tests with both issuers and acquirers, facilitating the seamless transfer of millions of USDC stablecoins tokens across the Solana and Ethereum blockchain networks. These transfers were executed to settle fiat currency-based payments that had been authorized through VisaNet.
Visa Expands Stablecoin Settlement
In the latest announcement, Visa also revealed working with merchant acquirers Worldpay and Nuvei. The company first began exploring USDC's role inside its treasury operations back in 2021, which led to a pilot with Crypto.com, making it one of the major payment networks to experiment with stablecoin settlements from the issuer's perspective.
This work subsequently led to a successful pilot leveraging USDC and the Ethereum blockchain to receive payments from Crypto.com specifically for cross-border transactions within their active card program in Australia.
The pilot essentially eliminated the cumbersome process involving conversions and costly international wire transfers for cross-border purchases on Crypto.com Visa cards. As a result, Crypto.com has transitioned to USDC to fulfill its settlement obligations for its Visa cards in Australia.
Commenting on the development, Cuy Sheffield, Visa's Head of Crypto said,
'By leveraging stablecoins like USDC and global blockchain networks like Solana and ...
|Latam Insights: Worldcoin Breaks Records in Argentina, Circle Brings USD...
Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue: Worldcoin reaches record verifications in Argentina, Circle partners with Mercado Pago to bring USDC to Chile, and Binance launches a Latam-focused remittance solution.
Worldcoin Reaches Record Verifications in Argentina
Worldcoin, the biometric ID and digital wallet project, has recently announced it reached a record in daily verifications in Argentina. In a press release, Worldcoin reported that due to the high demand for the project, they had reached 9.5k verifications in a single day in August. Worldcoin achieved this milestone with only four verification stations located in four different cities of the country.
Alex Blania, one of the co-founders of the Worldcoin project, detailed this was possible in Argentina because it was 'one of the most crypto-forward countries in the world.' He said he considered it an 'explosive building ground' for crypto innovation.
However, the Argentine data regulation has an ongoing probe against Worldcoin, inquiring about how the project uses the biometric data of Argentine citizens and the procedures it follows to safeguard the confidentiality of this personal information.
Circle Teams up With Mercado Pago to Bring USDC to Chilean Customers
Circle, the stablecoin company, has partnered with Mercado Pago, the digital wallet of the e-tailer giant Mercado Libre, to list its USDC stablecoin on the platfor...
|Circle Partners With Mercado Pago to Offer USDC to Chilean Customers
Circle, a financial services company, has announced a new partnership with Mercado Pago, Mercado Libre's digital payments wallet, to bring the USDC stablecoin to its Chilean customers. The partnership will allow millions of users in Chile to access USDC via Mercado Pago's services and leverage it as a digital representation of the U.S. dollar for payments and savings.
Circle to Enter Chile and Latam via Mercado Pago
Circle, the financial services company behind the issuance of USDC, one of the top three stablecoins by market cap, has partnered with Mercado Pago, the digital payments wallet of Mercado Libre that has been including cryptocurrency in some markets, to introduce USDC to Chilean customers. According to a press release, the agreement will allow the more than 2 million Mercado Pago users in Chile to access the USDC stablecoin and leverage it for payment and saving purposes.
Matías Spagui, Senior Director of Mercado Pago, commented on the relevance of this move for Chilean users, detailing that the 'U.S. dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty.' He stated:
With the launch of this stablecoin we seek to diversify access to cryptocurrencies and offer the more than two million Mercado Pago users an alternative that matches the value of the dollar.
Latam and Digital Dollar Adoption
Jeremy Allaire, co-founder and CEO of Circle, believes Latam 'will be a major dr...
|Circle's USDC Stablecoin Coming to Coinbase's Base Next Week
After two years of split governance, the cooperation between the two companies has culminated in a new agreement, with Coinbase even acquiring a minority stake in Circle.
Earlier this summer, Circle shared plans to upgrade USDC’s technical capabilities in order to pave the way for present and future projects – and the release of the next upgrade has just been announced.
On the 29th of August, Jeremy Allaire – the CEO of Circle – announced that USDC would be made available on the Base network sometime next week.
Native $USDC on @BuildOnBase. Coming next week. #StableSeptember. Let's go! https://t.co/oqfI0ZZhCn
— Jeremy Allaire (@jerallaire) August 29, 2023
Although USDC could already be used on the Base network by using USDbC – a USDC token backed by liquidity on the Ethereum network – USDC will now become native on the Base network.
By eliminating the bridge, Circle aims to clear up any doubts regarding the reserves backing the bridged USDC tokens and to make it easier for institutional investors to manage their holdings across both networks.
“USDC issued by Circle will be native to Base and can be considered the official form of USDC for the ecosystem. Over time, we expect native USDC liquidity will grow and may replace the currently circulating bridged USDbC liquidity that comes from Ethereum.”
Eventually, USDbC will probably be deprecated, although such a decision would probably be taken far off into...
|Base Network Gears Up For USDC Integration, Circle CEO Jeremy Allaire Co...
Circle’s CEO Jeremy Allaire has announced that USDC will be launched natively on the Base Network platform next week. Allaire took to social media platform X (formerly known as Twitter) to share this news, emphasizing the benefits and implications of this integration.
Circle also confirmed the announcement, stating that USDC issued by Circle will be considered the official form of USDC for the Base Network ecosystem.
They further highlighted that native USDC will gradually replace the currently circulating bridged USDbC liquidity that originates from Ethereum.
Base Network's Native USDC Integration To Attract Capital? The integration of native USDC on Base Network offers numerous advantages for users and developers alike. Key among these benefits is the expansion of liquidity, as native USDC gains traction within the ecosystem.
An important aspect of the integration is the potential replacement of bridged USDbC (USD Coin on Ethereum) liquidity. Base Network aims to establish a “self-sustaining” ecosystem, where transactions and value transfers occur natively within the network.
Per the announcement, by reducing reliance on external bridges, the integration of native USDC enhances efficiency, security, and scalability, resulting in a more streamlined and user-friendly experience.
Notably, the migration process from bridged USDbC to native USDC will be managed by Base Network in collaboration with ecosystem apps to ensure a seamless transiti...
|Shopify to Accept USDC Payments Via Solana Pay Integration
Solana Labs announced the integration of its decentralized payment protocol - Solana Pay - with e-commerce giant Shopify as a new payment option. The move will enable millions of businesses operating on the Shopify platform to leverage Solana Pay for their payment needs.
Initially, USDC payments will be accepted via the integration, but more crypto-assets will added down the line.
Solana Pay x Shopify
According to the official press release, Solana Pay will essentially eliminate bank fees, chargebacks, and holding times while allowing immediate, direct payment settlement of USD stablecoins compatible with Solana.
Furthermore, merchants and consumers using Solana Pay will also be able to benefit from Web3-enabled commerce experiences, such as token-gated offers, simple cross-border payments, as well as NFT-based loyalty programs.
Commenting on the development, Solana Foundation's Head of Commerce Business Development, Josh Fried, said,
'Solana Pay on Shopify opens up millions of merchants to a more dynamic and efficient payment choice, while consumers get the convenience and increased utility of being able to pay for goods and services with digital dollar currencies from the vast network of merchants using Shopify.'
Launched in February 2022, Solana Pay is an open-source protocol built on top of the layer-1 blockchain Solana. The initial payment option for its integration with Shopify will include USDC, the second-largest stablecoin with a market capitalization of nearly $26 b...
|USDC to Launch on These 6 Blockchains Within 2 Months: Report
In a significant move within the crypto realm, Circle, the company behind USD Coin (USDC), said it will extend support for its stablecoin to six more blockchains in the next two months.
Based on a joint release by Coinbase and Circle, USDC, already available on nine blockchains, including Ethereum, Arbitrum, Avalanche, Stellar, Tron, Flow, Algorand, Hedera and Solana, will be rolled out on additional chains.
While the release does not mention names, earlier reports from Circle suggest that Base, NEAR, Optimism, Polkadot, Polygon PoS, and Cosmos will be the new integrations between September and October. Consequently, USDC will be supported on at least 15 blockchains.
USDC was designed to maintain a 1-to-1 peg with the US Dollar. Albeit being the second largest stablecoin, it has seen a reduction in market share to Tether. The shifts were fueled by fears associated with USD reserves on the failed Silicon Valley Bank.
The integration of six new blockchains will be a major step in the growth of USDC, perhaps a catalyst for more stablecoin adoption.
Coinbase and Circle: A Game-changing Collaboration
The new developments come from a collaboration between Coinbase and Circle, with the former securing an undisclosed minority interest stake in the latter. This partnership effectively disbanded the Center Consortium, originally tasked with issuing USDC. Subsequently, Circle will move the entire governance and issuance of USDC in-house.
The two entities believe the main objective of st...
|Ramp's Latest Integration Allows Users to Convert Fiat Into ETH and USDC
Ramp Network - a fintech startup that offers payment infrastructure to connect crypto and traditional finance - added support to the Ethereum Layer 2 chain Base.
The integration will aid third-party developers and enable clients to convert dozens of fiat currencies into ETH and USDC.
'Exciting Times Ahead'
According to a document seen by CryptoPotato, Ramp Network has dived even further into the world of crypto by integrating the Coinbase-developed Layer 2 network - Base. Speaking on the matter was the company's CEO - Szymon Sypniewicz:
'In alignment with our steadfast commitment to giving our users choice and greater access to the ecosystem's Layer 2 solutions, Ramp will support Base right from its inception, enabling transactions with ETH and USDC from day one. Exciting times ahead!'
Besides allowing the conversion of fiat to the aforementioned digital currencies, the integration of Base will support third-party developers. It will enable them to create applications using Ramp's services.
'This will accelerate the creation of novel apps that capitalize on the powerful network effects afforded by the new layer 2,' the document reads.
Launched in 2017, Ramp Network has expanded its presence over the years, establishing offices in the United Kingdom, the United States, and Poland. It employs over 160 people globally and supports more than 40 crypto assets.
Base's Recent Developments
The collaboration with Ramp Network comes less than a month after Base o...
|Circle's Jeremy Allaire Estimates Majority of USDC Adoption Originates B...
Stablecoin issuer Circle is a US-based company, and 70% of its USDC adoption originates from non-US regions.
According to the estimations of Circle CEO Jeremy Allaire, some of the fastest growing areas are emerging and developing markets, which are not in the country that has been facing severe regulatory uncertainty.
Not Fixated on US
Allaire took to X (formerly Twitter) to reveal observing 'strong progress' across Asia, LATAM, and Africa, highlighting the demand for 'safe, transparent digital dollars.'
Circle isn't the only company that has demonstrated not being particularly fixated on the US ecosystem. In fact, Tether's chief technology officer, Paolo Ardoino, also echoed a similar sentiment when he earlier revealed the stablecoin company's aim to position USDT as 'a safe tool for emerging markets and developing countries, a life-life for many communities that are suffering from a heavy devaluation of their national currencies.'
Allaire's remarks coincide with a reduction in the supply of the USDC stablecoin since the start of 2023 as a result of diminishing demand and a rise in redemptions. With redemptions surpassing issuance, concerns over USDC's liquidity surfaced again. The Circle CEO also addressed the situation and confirmed issuing $5 billion worth of USDC and redeeming $6.6 billion worth of USDC.
Doubling down on Circle's expansion, Allaire revealed that the stablecoin issuer company was actively collaborating with several reputable financial institutions across ...
|Crypto Adoption: Singapore Red Cross To Accept BTC, ETH, USDT, And USDC
Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.
Singapore Red Cross Taking Crypto Donations
The Singapore Red Cross is the latest to jump on the crypto bandwagon as the homegrown humanitarian organization recently partnered with Triple-A, allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
The country's Red Cross Society is looking to capitalize on crypto adoptions by partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
The Singapore Red Cross received more than $4.5 million in donations in 2022. However, by accepting BTC, ETH, USDT, and USDC, the humanitarian organization is opening itself up to donations from people across the globe.
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets,” said Benjamin William, Secretary General and CEO of the Singapore Red Cross. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”
This is not the first time a Red Cross society will accept cryptoc...