| 
| USD Coin 
| #USDC
|
| USDC Price: | $1.00 | | Volume: | $1.1 B | | All Time High: | $1.09 | | Market Cap: | $42 B |
|
| Circulating Supply: | 41,950,750,523 |
| Exchanges: | 230
| | Total Supply: | 41,950,750,523 |
| Markets: | 1731
| | Max Supply: | — |
| Pairs: | 929
|
|
The price of #USDC today is $1.00 USD.
The lowest USDC price for this period was $0, the highest was $1.001, and the exact current price of one USDC crypto coin is $1.00063.
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 ETH and how the supply affects the price of USDC at different market capitalizations. |
Stable coin based on USD.
The code for USD Coin is #USDC.
USD Coin is 4.3 years old. |
The current market capitalization for USD Coin is $41,977,170,811.
USD Coin is ranked #5, by market cap (and other factors). |
The trading volume is huge during the past 24 hours for #USDC.
Today's 24-hour trading volume across all exchanges for USD Coin is $1,053,436,115. |
The circulating supply of USDC is 41,950,750,523 coins, which is 100% of the total coin supply.
USD Coin has a relatively large supply of coins, 345 times larger than Ethereum's supply, as an 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. |
 | BIT to Utilize Circle's 'Fiat To Crypto' On-Ramp and USDC Settled Produc...
[PRESS RELEASE - Please Read Disclaimer]
BIT will leverage Circle APIs to on-ramp fiat funds into USD accounts on BIT
USDC can be used as trading margin 1:1 to USD for USD-margined products on BIT
To support greater adoption of USDC, BIT offers USD-margined trading pairs across spot, futures, and options markets powered by its USD basket program which now supports USDC.
Seychelles, Jan 31, 2023 — BIT, a professional cryptocurrency exchange, has collaborated with Circle Internet Financial (Circle), a global financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), to promote greater access and adoption of USDC with fiat funds and USD/USDC settle products and to drive BIT's growth as a one-stop hub for retail and institutional crypto trading.
Circle is the issuer of USDC, one of the fastest-growing stablecoins that is currently available on many of the world's leading blockchains, with more chain integrations expected. More than $43 billion USDC is now in circulation as of January 13, 2023.
The BIT platform offers institutional-grade security, supplemented by features such as portfolio margin and unified margin, which minimizes margin needs on hedged positions, and accept Bitcoin (BTC), Ether (ETH), USDC, Tether (USDT) and more as collateral with respective haircut ratio.
This collaboration with Circle will allow BIT users to transfer fiat into their BIT accounts as USDC and withdraw USDC to USD via bank wire.
Together, BIT and Circle seek to expa...
|  | MakerDAO Passes Proposal To Deploy $100 Million USDC In Yearn Finance Va...
In the hopes of generating yield while offering users what its best known for, MakerDAO, the issuer of the Ethereum-based stablecoin, DAI, has approved a proposal to deploy $100 million of Circle’s USD Coin (USDC) in a Yearn Finance yield-generating account called a “vault.”
The proposal, submitted on January 9, aims to look for a way MakerDAO could split its treasury allocations and earn yield.
MakerDAO To Generate Yields From Yearn Finance Vault
Following the approval of the MIP92 (Maker Improvement Proposal 92), MakerDAO plans to begin depositing $100 million USDC to the Yearn finance vault to earn a 2% yield annually, approximately $2 million every year on its YearnFi investment.
Founded by prominent DeFi developer Andre Cronje, Yearn finance is a yield aggregator built on the Ethereum blockchain, allowing users to deposit crypto assets in the service in exchange for yield or interest over some time.
With a total of 95,666.284 of Maker’s native token, MKR cast in the vote, approximately 68,462 MKR, which accounts for 71.56%, voted in favor of deploying USDC in Yearn Finance, while 27,204 MKR, which accounts for 28.44% voted out the whole idea and 0.0% voted “abstain.”
Though the MIP92 has been passed, the proposal still has to go through an executive vote for the concept to be implemented.
MakerDAO Attraction To USDC
Before the MIP92 submission, MakerDAO had already demonstrated interest in Circle’s dollar-backed tok...
|  | Zero USDT, USDC, BUSD, and TUSD Printed in December 2022: Analysis
Stablecoins have continued to play a very critical role in the crypto economy. The ongoing bear market also demonstrated that dollar-pegged coins like USDT and USDC witnessed a parabolic growth in market cap this year.
However, top stablecoin issuers seemingly took a break from printing in December amidst a great deal of market turmoil and increased scrutiny. According to data from the 'Stablecoin Printer,' USDT, USDC, BUSD, and TUSD, have not been printed during the last month of 2022.
In fact, the two-largest stablecoins by market cap have not been printed for the past several months.
USDT was last printed by its issuer, Tether, in May 2022, while USDC's printing continued till June of the same year.
The two tokens have been in a constant battle for dominance, and the de-pegging and the subsequent collapse of Terra ecosystem's now-defunct algorithmic stablecoin - UST - did help in closing the gap between them.
USDT laid low amidst concerns of Terra-induced contagion spread. USDC, on the other hand, saw an increase in consumer confidence. This resulted in 4% growth YTD from $42.9 billion to $44.6 billion.
Market participants ditched USDT for USDC. The latter went on to become the stablecoin of choice on the Ethereum blockchain.
The collapse of Terra left a vacuum in the Cosmos ecosystem, where the algorithmically pegged to the US dollar was used heavily across its interconnected family of blockchains. Stablecoin issuer Circle grabbed the chance to natively launch USDC on Co...
|  | Optimism Sees Spike In USDC And USDT Transactions Eclipsing $1 Billion
Optimism blockchain network has recently noticed an enormous uptick in both USDC and USDT transactions which have eclipsed $1 billion.
What seems to have caught people’s attention is the fact that the Optimism chain seems to be unrivaled and unmoved by the chaos happening in the crypto space.
This is now tagged as an unusual trend because it goes against the current especially with the sudden spike in USDC and USDT.
Here's a quick glance at how the crypto and network are performing:
OP price down by 1.83%
Metamask provides support for L2 Solutions
User retention rate grew to as much as 34% weekly
There seems to have been a convergence given the noticeable connection between the uptick in stablecoins with that of OP’s price performance.
According to CoinMarketCap, OP price is currently up by 0.4% in the last 24 hours, or trading at $0.9348 as of press time.
The USDC and USDT surge is observed to be following a market trend which would ultimately revert back to normal with the price of OP diminishing and with the USDC and USDT prices settling down.
Potential Factors That Cause USDT, USDC Uptick
With the increased activity, people are contemplating on what could have triggered the sudden uptick. One of the possible theories would be Optimism’s impressive Total Value Locked (TVL) as it grew immensely compared to other cryptocurrencies.
Another is the announcement of Metamask wallet providing support for Optimism and other Layer 2 solutions. It...
|  | Coinbase Entices Users to Switch From USDT to USDC, Crypto Firm Says Rec...
Coinbase, one of the largest cryptocurrency firms in the industry, has published a blog post that tells users to 'switch to the trusted and reputable digital dollar,' referring to the stablecoin asset usd coin. The company's blog post specifically mentions switching the stablecoin asset tether over to usd coin, and the firm is offering 'zero fees' to swap these two tokens.Coinbase Offers Users Zero Fees to Switch From Tether to Usd Coin, Crypto Community Questions Motive
On Thursday, Dec. 8, 2022, Coinbase shared a new blog post and tweeted the statement: 'Switch to a trusted stablecoin: usd coin (USDC). Now convert tether (USDT) to USDC with zero fees.' The company's blog post goes into more detail as it notes that customers can swap tether (USDT) for usd coin (USDC) 'with zero fees.' The blog post notes that events that have taken place during the last few weeks have shaken the crypto industry's trust.
'The events of the past few weeks have put some stablecoins to the test and we've seen a flight to safety,' Coinbase's blog post explains. 'We believe that [usd coin] (USDC) is a trusted and reputable stablecoin, so we're making it more frictionless to switch: starting today we're waiving fees for global retail customers to convert USDT to USDC.'
Coinbase's statements gave crypto proponents the perception that the blog post was indirectly questioning Tether's stablecoin, the current largest stablecoin asset by market cap today. 'Shots fired. Bang bang,' the Twitter account k...
|  | Coinbase Encourages Users to Switch From USDT to USDC
In a new blog post, the centralized crypto exchange encouraged users to switch from USDT to USDC by waiving the conversion fees while highlighting the latter stablecoin as a 'trusted and reputable digital dollar.'
The development comes amidst a stablecoin war in the industry. Exchanges are stepping up to claim dominance of their native stablecoins. Recently, Binance stopped supporting USDC, auto-converting customer holdings into its own stablecoin BUSD.
After being out of Binance, the companies spearheading USDC have new plans to bolster the stablecoin's growth.
Coinbase's Call to Ditch USDT
USDC was co-founded by Coinbase and issued by its affiliated company, Circle, in 2018. It also delivers monthly attestations by Grant Thornton LLP, which happens to be one of America's largest audit, tax, and advisory firms. Tether, on the other hand, has been stirred with controversy much of it is surrounded by the stablecoin issuer publishing a full audit. The company has frequently dismissed FUDs and maintained that its reserves are fully backed.
Its rival stablecoin has managed to avert such scrutiny. In fact, USDC has grown to become a serious contender of already established market leader USDT over the past four years. With a market cap of $65.7 billion, USDT is the largest stablecoin, followed by USDC at $42.7 billion.
FTX's insolvency has shown a spotlight across the crypto market. The unraveling of FTX contagion and the subsequent fall of dominos have put some stablecoins to the ...
|  | Circle Warns About Scammers Baiting USDC Users
Circle, the firm behind USDC stablecoin, issued a warning about an active phishing campaign attempting to lure users into transferring tokens to malicious addresses.
As per the tweet, the threat actors masquerading to work for Centre, which is a consortium founded by Coinbase and Circle.
Circle's Statement
Circle said there is no new version of the USDC token in the marketplace and urged users not to fall for the scam.
'PSA WARNING: There is an active phishing campaign attempting to lure users into transferring #USDC tokens to malicious addresses. The scammers are pretending to be from Centre. There is not a new version of USDC in the marketplace. Please do not fall for this.'
Circle CEO and founder Jeremy Allaire recently wrote to Congressional leaders for financial services, urging for clear, workable legislation on stablecoins in the United States while warning that failing to do so will attract more risks to the country.
Persistent Phishing Scams
Phishing activity, on the other hand, played a starring role during the bear market. The latest development emerges just days after the detection of a phishing campaign to bypass multi-factor authentication and gain access to accounts on crypto exchanges such as Coinbase, MetaMask, Crypto.com, and KuCoin and siphon crypto-assets.
According to BleepingComputer, the scammer's entities abused the Microsoft Azure Web Apps service to host a network of phishing sites and lure victims to them via phishing messages impersonating fra...
|  | EverEarn Ethereum Blockchain Public Presale With USDC Rewards
PRESS RELEASE. As if the cryptoverse needed more reasons for people to be fearful, both FTX and BlockFi rocked cryptocurrency blockchains and investors alike, sending prices spiraling, blockchains congesting, and investors hunkering down for more 'crypto-winter'.
But amidst this uncertainty, crypto investors now risk missing out on opportunities while becoming stuck in fear, uncertainty and doubt (FUD).
The EverEarn coin ($EARN) launched on the Binance Smart Chain (BNB) blockchain platform in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business from the beginning, without any false hype or empty promises, while providing increased passive stablecoin (BUSD) payouts, and continue to grow, evolve and expand.
EverEarn Growth While Others are Fearful
Despite recent events, and the global downtrend for the past 8 months, EverEarn has paid out over $2 million in BUSD stablecoin back to holders. The team has maintained daily community voice chats since launch, and a monthly community address. The EverEarn team is now bringing this 'stick to it' community mentality and commitment to the Ethereum blockchain and is doing so in a big way.
Ethereum With a Bang
The EverEarn team has amassed almost 60 social media influencers with over 2 million followers along with forming marketing arrangements and development partnerships with EY Studios, Brave Browser, Bitcoin.com, 'Rug Free Coins', 'Mike Tha Investor', 'What Coin Talk', and 'Crypto Atlas...
|  | Multiple Exchanges Delist USDC and USDT on Solana
Numerous major exchanges are disabling deposits and/or withdrawals for Solana-based variants of the top two stablecoins, USDT and USDC.
The wave of delistings follows Solana’s major price crash in the wake of FTX’s collapse – an exchange known to be closely involved with the network and token.
Scrubbing the Solana Stablecoins
On Thursday, Binance announced that deposits for Solana-based USDC and USDT tokens had been “temporarily suspended until further notice,” without providing any explanation. It later resumed processing deposits for USDT “after internal assessment and review,” without any further updates about USDC at writing time.
“Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice,” it added.
Similarly, OKX revealed late Wednesday that it would entirely delist these tokens starting at 3:00 AM UTC on Nov. 17. That includes suspension of both deposits and withdrawals for both tokens on Solana.
Bybit also halted deposits and withdrawals for USDC and USDT on Thursday, while BitMEX paused USDT deposits at 13:20 UTC.
On-chain data indicates that the supply of USDC circulating on Solana is over twice as large as that of USDT on the network, despite USDT having a larger market cap overall. It accounts for about $5 billion in USDC, which is 11% of its total market cap.
Meanwhile, Solana hosts rough...
|  | Circle Starts Moving USDC Reserves Into a Blackrock-Managed Fund, Firm E...
According to the crypto firm Circle Internet Financial, the company is “deepening” its partnership with the world’s largest asset manager Blackrock. Circle disclosed that it has started to transfer USDC reserves into a Blackrock-managed fund that’s registered with the U.S. Securities and Exchange Commission (SEC).Circle Deepens Relationship With the World's Largest Asset Manager Blackrock
In mid-April 2022, Circle detailed that the company entered an investment agreement with Blackrock Inc., Fin Capital, Fidelity Management and Research, and Marshall Wace LLP. The investment was a $400 million funding round and during the announcement, Blackrock explained how Circle and the New York-based multi-national investment company would expand the two companies' existing relationship. It was also revealed that Blackrock would be used by Circle for “managing significant assets for the reserves that back USDC.”
Six months later, Circle disclosed on Nov. 3, 2022, that the company would be deepening its relationship with Blackrock, and Circle has started to move USDC reserves into a Blackrock-managed fund. “Through our partnership with Blackrock, we have begun investing in the Circle Reserve Fund to manage a portion of the USDC reserves,” Circle’s chief financial officer (CFO) Jeremy Fox-Green explained. The Circle CFO added:
We expect the reserve composition will continue to be approximately 20% cash and 80% short-duration U.S. Treasu...
|  | Stablecoin Blues: $3 Billion Erased From the Dollar-Pegged Token Economy...
Over three billion in value was erased from the stablecoin economy during the past 30 days. The trend occurred despite the number of tethers in circulation rising by 2.2% last month. On Oct. 1, 2022, tether's market capitalization was approximately $67.95 billion, and it's risen to $69.36 billion since then. Circle's usd coin, on the other hand, had a valuation of around $47.20 billion 30 days ago and today, the market cap is $42.54 billion, after the stablecoin project's number of tokens in circulation dropped by 10.3%.Stablecoin Economy's Supply Tightens
The stablecoin economy has lost approximately 3.32 billion in nominal U.S. dollar value during the past 30 days, according to statistics recorded on Nov. 2, 2022. Most of the action derived from the top two stablecoins (USDT & USDC), as usd coin's (USDC) number of stablecoins in circulation slid 10.3% lower since last month. Archived records show, that while the stablecoin project's supply lost 9.6% the month before, USDC's market cap dropped from $47.20 billion to $42.54 billion through the month of October.
Records published on Oct. 1, 2022, further show that the month prior, tether's (USDT) number of coins in circulation was up roughly 0.6%. Throughout the month of October, USDT's coins in circulation, according to coingecko.com statistics, indicate the supply has risen by 2.2% since then. At the time, 30 days ago, tether's market capitalization was roughly $67.95 billion and on Nov. 2, 2022, USDT's market cap is curren...
|  | Massive Crypto Whale Activity In USDT And USDC Suggests Upcoming Bull Ru...
Volatility is one of the distinguishing attributes of the crypto market that springs surprises in several observers. It creates a desirable environment for traders and investors in the crypto industry to advance with huge profits.
Over the past week, the crypto market experienced the presence of the bulls in considerable measure. Most of the crypto assets made some impressive reclaims in their value. Most tokens were forced to break their resistance and advance more to the north. This pushed the cumulative market cap to its coveted level of $1 trillion.
But this week has calmed the trends in the crypto market. Hence, many crypto analysts are now observing to uncover the next possible move in the market. They've focused on the recent activity of some major stablecoins, such as Tether (USDT) and USD Coin (USDC).
Crypto Market Set For Upcoming Volatility
According to on-chain data, the stablecoins USDT and USDC have witnessed massive whale activity. Such high-valued transactions indicate the possibility of significant volatility in the future.
In its report, on-chain data provider Santiment noted that the Whales engaged massively in crypto activity from Monday after the weekend volatility. It reported that the most significant digital assets with $100k+ whale transactions are the stablecoins USDT and USDC.
As more considerable buying power is in play, the outcome will be a significant market movement. Hence, the market will experience volatility in the future.
A more positive o...
|  | MakerDAO Invests Hefty Amount Becoming The Largest Stake Holder In USDC
The extended bearish trend caused panic and massive sell-offs in the crypto space. But it seems that the industry still records progressive moves. For example, a recent report shows a new partnership between Coinbase and MakerDAO.
This collaboration aims to become the largest USDC holder. The world's largest crypto exchange Coinbase announced the partnership.
According to the announcement, MakerDAO, the lending protocol, and Coinbase Prime, an institutional client of the exchange, will custody a total of $1.6 billion USD Coins. Also, the report disclosed that the partners would earn 1.5% returns from the assets.
Before agreeing to this collaboration, MakerDAO protocol conducted a vote which gained 75% support for the proposal.
Coinbase Excited About USDC Holding
According to the reports, Coinbase is excited about this move. The reason is that stablecoins have seen a boost in recognition recently. As a result, investors now rely on these assets to protect the value of their investments.
When other crypto prices fluctuate sporadically, stablecoins remain stable without depegging. Cases of depegs have been recorded in the past. But they only occurred on specific occasions, such as the general market crash of 2022.
Due to the nature of these cryptos, many investors see them as an essential part of future finance. For a stablecoin such as USDC, the goal is to become the number one, overtaking USDT in market cap. As a result, it has continued to gain, covering the gap between its ...
|  | USDC Lost 20% Of Its Market Capitalization In The Last 30 Days
The market capitalization of Circle's USDC stablecoin has been dropping dramatically since the Tornado Cash scandal.
Over the past month, USD Coin (USDC) has lost nearly 20% of its market capitalization, falling from $53.3 billion to just under $43.9 billion. In a single day (September 26), almost $5 billion in USDC was withdrawn, representing a loss of nearly 9.2% of its total capitalization.
This would be the sharpest contraction in the history of USDC. The stablecoin peaked in July when it reached $55.8 billion in market capitalization.
USDC market capitalization, Source: Tradingview
The Consequences of Freezing Tornado Cash-Linked Addresses
Although USDC began losing presence in July, the decision to freeze over 75,000 USDC of funds linked to 44 Tornado Cash addresses was a decisive event, causing the stablecoin to lose community sympathy resulting in backlash and mass withdrawals.
Circle just frozen 75,000 USDC belonging to unsuspecting Tornado users, as well as 149 USDC donated to the project. pic.twitter.com/GBS41FtZvB
— banteg (@bantg) August 8, 2022
Even MakerDAO, which had a large part of its reserves backed in USDC, considered the measures taken by Circle as a violation of privacy rights. The project started to talk about canceling its dependence on USDC, arguing that at any moment, it could suffer the same fate as the wallets linked to Tornado Cash, given the extreme level of centralization that USDC has by nature.
However, while everything seemed to point ...
|  | MakerDAO Partners With Coinbase to Become Largest Holder of USDC
On Oct. 24, Coinbase announced that MakerDAO governance had voted in favor of the proposal to custody $1.6 billion USDC with Coinbase Prime.
This means that Coinbase has expanded its USDC rewards program to an institutional client for the first time, it added. MakerDAO will hold the funds with Coinbase Prime, the firm’s institutional broker, while earning 1.5% on them.
The proposal was ratified with 75% of the votes, or 109,944 MKR tokens, on Oct. 24.
MakerDAO community approves our proposal to custody up to $1.6B in USDC with Coinbase Prime. Marks the first time we’ll offer USDC rewards to institutions. Excited for what this means for USDC, @MakerDAO, and the stablecoin ecosystem as a whole. https://t.co/jOrmEvYg80
— Coinbase Institutional (@CoinbaseInsto) October 24, 2022
Eroding DAI Decentralization?
Coinbase is confident that stablecoins will be an integral part of the future of finance. Its USD Coin has increased its market share at the expense of industry leader Tether (USDT) over the past couple of years.
MakerDAO has now become the largest holder of USDC. Jennifer Senhaji, growth and business development at MakerDAO, commented that the additional monthly revenue generated through this deal “enables Maker to further advance its overarching mission to create a global, trustless financial future built on decentralized rails.”
Coinbase Institutional Rewards (MIP81) has been approved by Maker Governance through a Ratification Poll.
https:/...
|  | USDC Trading Now Available on the Kinesis Exchange
[PRESS RELEASE - London, United Kingdom, 17th October 2022]
Kinesis, the world's leading gold and silver-based monetary system, has listed the FIAT-based stablecoin, USD Coin (USDC) on the Kinesis Exchange.
USDC, is the fourth-largest cryptocurrency by market capitalization and the second-largest USD stablecoin in the cryptocurrency industry, with over 49 billion USDC tokens currently in circulation.
Now live on the Kinesis Exchange, USDC will be tradeable against the US dollar, selected leading cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) and Kinesis’ native gold and silver-based stablecoins, Kinesis Gold (KAU) and Kinesis Silver (KAG).
Through the listing, Kinesis users can instantly onramp and trade USDC against physical gold or silver on the Kinesis Exchange - reliable and historically-proven precious metals that act as inflation ‘hedges’, while also earning a yield on their assets through Kinesis' fee, sharing yield model.
In an important development for the cryptocurrency industry, USDC will become spendable on the Kinesis Virtual Card alongside the existing pool of available digital assets.
Available at over 60 countries globally, including the UK, Eurozone, Canada, Latin America, Australia, and Oceania, the new virtual card will allow users to spend crypto and physical gold and silver in real-time, with instant conversion to local currency at 80+ million locations globally with Mastercard.
Alongside the important accessibility and fami...
|  | Argentinian UFC Fighter Cannetti to Receive Salary in USDC
Guido Cannetti - an Argentinian mixed martial artist who competes in the UFC - partnered with the crypto-focused payment company Bitwage to become its ambassador.
In addition, he will start receiving all his earnings in the stablecoin USDC instead of fiat currency.
'USDC is Safer'
In a recent announcement, Bitwage said it is 'thrilled' to collaborate with Cannetti. Using the platform, the athlete, known as 'El Ninja,' will get 100% of his salary in USDC via the Stellar Network on Vibrant. The latter is a wallet application designed to enable access to dollar-based stablecoins. Speaking on the partnership, Cannetti said:
'I am getting paid in USDC because it is safer for my future. Bitwage is the best option to do this. Their customer service, their product, and everything about them work great for beginners like me.'
Guido Cannetti, Source: Sherdog
It is worth noting that the inflation and the political turmoil in Argentina have pushed a chunk of the locals toward the cryptocurrency sector. Instead of keeping their savings in peso (which has been rapidly depreciating recently), some Argentinians converted them into stablecoins pegged to the American dollar, such as Tether (USDT) and the one issued by Circle - USDC.
The interest in such assets rose significantly after Argentina's Minister of Economy - Martin Guzman - resigned from his post in July.
In the case of Bitwage, this is not the first collaboration with sportspeople. Over the years, the company inked deals with the UF...
|  | Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Paym...
On Thursday, at the Converge22 event in San Francisco, Circle announced the acquisition of the payment orchestration company Elements. Circle explained that the acquisition includes plans to 'quickly scale payment offerings.' Circle says the new service will make it easier for merchants to integrate their existing points of contact with Circle's crypto solutions. Circle Reveals New Permissionless Cross-Chain Transfer Protocol at Converge22
This week Circle and a number of other crypto industry heavyweights attended the Converge22 event in San Francisco. During the conference, Circle has made a number of announcements like usd coin (USDC) support being added to Robinhood Markets' offerings. In addition to partnering with Robinhood, Circle also announced the firm's new 'cross-chain transfer protocol to support USDC interoperability for developers [and] their users.'
'Cross-Chain Transfer Protocol is permissionless and enables USDC to be sent natively across ecosystems, improving liquidity and reducing fragmentation of bridged assets,' Circle's official Twitter account said on Wednesday. 'Developers building wallets, bridges, payments apps, financial services tools [and] more will be able to deliver simple, cross-chain USDC transactions – simplifying the user experience and maximizing capital efficiency,' Circle added.
USDC Issuer Acquires Payment Services Firm Elements
The following day, Circle announced it has acquired the payment services firm Elements. Circle detaile...
|  | Subsidiary Of Block Inc. Collaborates With Circle To Promote Global USDC...
One of the expectations of the crypto community is adoption, a journey on which USDC has embarked. The more countries adopt crypto and its products, the better the industry thrives in value and utility. That's why the reports of adoptions always evoke a sense of satisfaction in enthusiasts.
Following cryptocurrency adoption reports from different countries year after year, 2020 and 2021 recorded the most global adoption based on transaction volumes. However, from quarter three of 2021 to 2022, the crypto adoption slightly leveled off the challenging market conditions.
However, despite the decline, the market has remained resilient, and long-term crypto investors continue to hold on, hoping for better outcomes. The Crypto industry Stakeholders try to explore endless options to enable the mainstream adoption of cryptocurrencies globally.
A recent report revealed that TBD, a subsidiary of Block Inc., has formed a collaboration with Circle to work on open-source and open-standard technologies. In addition, the partnership aims to promote the adoption of digital currencies for global transactions and financial applications.
Details Of The TBD-Circle Collaboration
TBD is an open-source platform that allows developers to create products and services on decentralized technologies. TBD plans to connect traditional payments and decentralized financial systems to promote digital currency through its products.
Block Inc. is a multinational tech firm founded by Jack Dorsey and co-founder...
|  | Robinhood and Circle Partner to Let Exchange and Wallet Users Utilize th...
After Robinhood Markets launched the company's beta Web3 wallet on Tuesday and listed the stablecoin usd coin on the exchange platform Robinhood Crypto last week, the company announced a strategic partnership with Circle Financial. The deal revealed on Wednesday will provide Robinhood Crypto and Robinhood Wallet users with the ability to purchase and sell usd coin, and access 'exclusive in-app educational modules to earn USDC rewards.'Robinhood and Circle Partner to Offer USDC Accessibility
On Wednesday, Robinhood Markets (Nasdaq: HOOD) published an 'Under the Hood' blog post that explains the California-based financial services company has joined forces with Circle. Robinhood details that the stablecoin usd coin (USDC) is the 'first stablecoin available to buy and sell on Robinhood Crypto and on the new Robinhood Wallet (currently in beta).'
'USDC will play a crucial role in helping our customers get their dollars into Web3 through a trusted and transparent source,' Johann Kerbrat, the chief technology officer and GM of Robinhood Crypto. 'It's a crucial addition to our product to enable our customers to experience Web3 dapps and defi, without exposing themselves to volatility within the market,' Kerbrat added.
Duo Plans to Launch 'Learn and Earn' Programs That Rewards Customers in USDC
Kerbrat revealed the strategic partnership with Circle at the Converge22 event in San Francisco. Moreover, Circle announced the partnership with Robinhood as well on Wednesday, and Circle fur...
| | Circle Expands USDC To 5 New Blockchains After Being Delisted From Binan...
Circle is expanding its reach into other blockchains to maintain its influence in the crypto market after Binance and WazirX delisted its stablecoin USDC.
This September 28, Circle Internet Financial, the firm behind USD Coin (USDC) and Euro Coin (EUROC), announced that it is working on expanding into five major blockchains. Specifically, Circle plans to launch its stablecoin on Arbitrum, Cosmos, NEAR, Optimism, and Polkadot in early 2023. Therefore, all developers working on these blockchains can already start testing their integrations with Circle's APIs.
1/ Another exciting announcement just shared at #ConvergeSF22 we intend #USDC to be available on @arbitrum @cosmos @NEARProtocol @optimismFND @Polkadot pic.twitter.com/OKR8Scq6yY
— Circle | #ConvergeSF22 | Sept 27-30 (@circlepay) September 28, 2022
Circle Wants Greater Liquidity and Interoperability For USDC
Joao Reginatto, VP of Product at Circle, said that as a result of this new initiative, Circle will be able to expand its stablecoin from eight ecosystems to thirteen, allowing its users to have 'greater liquidity and interoperability' when carrying out their operations.
As of today, USDC runs on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera.
Reginatto also noted that the inclusion will open the door for 'institutions, exchanges, developers and more' to have a viable option when choosing a stable and reliable bridge between crypto and fiat.
'Extending multi-...
|  | Robinhood Lists USDC, It's First Stablecoin
Robinhood hasn't been shy about it's desire to be a player in crypto. The platform has had a few years of ups and downs as it's navigated it's crypto offerings. This week, however, the platform secured a win on the crypto front by listing it's first stablecoin, USDC.
What We Know
The news first came straight from the horses mouth, as Robinhood's Twitter posted a tweet this morning sharing the news. The token is Robinhood's 17th supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum. It's the latest token addition since adding Cardano (ADA) at the beginning of the month. It is a growing list of crypto tokens for Robinhood, who also added Polygon in recent weeks.
Additionally, the move shows more bolstering growth for Circle's USDC, which has sought out the number one spot over Tether's USDT - the longtime dominant stablecoin. The narrative has been driven by an ideology that Tether's account management is less transparent and straightforward than USDCs.
Robinhood (HOOD) has had a challenging year on the NASDAQ. | Source: NASDAQ: HOOD on TradingView.com
The Stablecoin Battle
In recent months, the good folks over at Arcane Research put together future growth projections based on USDC's momentum this year, which shows USDC overtaking USDT's number one spot as early as mid-October. The projected gap for today's number is likely a bit closer than what we've seen in reality, however, signaling that a USDC takeover for the top spot could take a...
|  | Wazirx Follows in Binance's Footsteps Unlisting USDC, USDP and TUSD
On September 19, WazirX, one of India's leading cryptocurrency exchanges, announced the delisting of Circle's USDC, Paxos' USDP, and TrueUSD (TUSD) stablecoins, effective September 26, following in Binance's footsteps.
According to the statement, USDC, USDP, and TUSD deposits have already been suspended. In addition, users will have to withdraw their funds by October 05, or they will be automatically converted to BUSD —just like Binance did.
'Auto-conversion will be done on or before October 05. After the Auto-Conversion is completed, users will be able to withdraw USDC, USDP, or TUSD at a ratio of 1:1 from their BUSD balances.'
Tether's USDT will still be supported.
WazirX's Goal Is 'To Enhance Liquidity And Capital Efficiency'
According to WazirX, the delisting of USDC, USDP, and TUSD, seeks to enhance liquidity and capital efficiency for users, a claim identical to what Binance made recently when it delisted the same stablecoins.
Like Binance, WazirX ended its statement by indicating that it could include other significant stablecoins. However, the exchange did not provide further information in this regard.
The relationship between Binance and WazirX is tricky. On its official site, WazirX claims it is affiliated with the Binance group, so the decision could be in line with Binance's interests to make BUSD one of the most important stablecoins in the ecosystem, increasing its market capitalization, which is currently around $20.52B.
However, as CryptoPotato recently...
|  | Stablecoin Economy Growth Stagnates for 73 Days, USDC Market Cap Slides ...
Since the Terra stablecoin fiasco in May, the top stablecoins by market capitalization dropped 10.66% from $171.37 billion to today's $153.09 billion. During the last two months, the top stablecoins by market capitalization have seen little growth remaining at $153 billion since mid-July. For More Than 2 Months Stablecoin Market Caps Stagnate Seeing Little Growth
Following the significant climb since mid-2020, the stablecoin economy has seen growth slow during the last few months. In mid-April 2022, the stablecoin economy neared the $200 billion range for the first time in history, but following Terra's stablecoin fiasco, more than $35 billion disappeared from the stablecoin economy by May 13, 2022. On May 12, 2022, the stablecoin economy was 10.66% larger than it is today at $171.37 billion.
By July 7, the stablecoin economy was down to $154 billion, according to stats saved by archive.org via coingecko.com. The stablecoin economy has remained stagnant in terms of growth during the past 73 days. Tether (USDT), the largest stablecoin market cap, has grown slightly rising 0.7% during the past month, while usd coin (USDC) saw a 4.9% decline. Binance's stablecoin BUSD saw an 11.1% increase, while DAI, FRAX, and TUSD declined during the last 30 days.
Pax dollar (USDP) jumped 19.7% higher this past month, but neutrino usd (USDN) dipped by 9.5% lower. Besides BUSD and USDP, celo dollar (CUSD) was one of the only stablecoin market valuations that grew, as CUSD saw ...
|  | Circle CEO Thinks Binance's USDC Exit is a Good Thing
Jeremy Allaire – CEO and co-founder of Circle – isn’t sweating over Binance’s latest decision to stop supporting trades for USD Coin (USDC).
In a thread on Tuesday, Allaire broke down why he thinks the development is not only good for Binance but ultimately a boon to USDC utility and adoption.
Binance Converges Around BUSD
On Monday, Binance announced that all of its customers’ existing funds held in USDC, USDP, and TUSD would be auto-converted into Binance USD (BUSD) on September 29th. The exchange’s native stablecoin is currently the third largest by market cap – behind only USDC, and Tether’s USDT.
The move is meant to “enhance liquidity and capital-efficiency” at the exchange by consolidating multiple dollar-equivalent cryptocurrencies around one asset.
The change will eliminate trading of USDC at Binance, and cause all future USDC deposits to the exchange to be converted into BUSD. However, users can still choose to withdraw their BUSD account balance from the exchange in either USDC, USDP, and TUSD if they so choose.
Given these details, Allaire claimed that the forced conversion “will likely lead to more USDC flowing to Binance.”
“With consolidated dollar books, it will now be easier and more attractive to move USDC to and from Binance for trading core markets,” he explained.
Unlike BUSD, USDC sees great volume and usage outside of Binance’s exchange. As su...
|  | Binance to Drop USDC Trading Pairs, Plans to Auto-Convert Specific Stabl...
The world's largest cryptocurrency trading platform by trade volume, Binance, issued a notice on Monday explaining that the exchange will be removing the stablecoin USDC from the platform's spot trading pairs list. Binance further details that users holding three types of stablecoins will see their balances auto-converted into BUSD if the user does not remove the specific crypto asset from the exchange.Binance to Delist Specific Stablecoin Trading Pairs by the End of September
It seems Binance will be removing the world's second-largest stablecoin usd coin (USDC), a U.S. dollar-pegged token issued by the Centre consortium. During an announcement made on Monday, Binance explained that it plans to auto-convert certain stablecoin balances if the funds are not removed by September 29, 2022.
'Fellow Binancians, in order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users' existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio,' the exchange said on September 5. Then the announcement further notes that Binance is sunsetting a few specific spot trading pairs.
The pairs will be removed before the auto-conversion September 29 deadline and they will cease trading three days prior to the cut-off. 'Binance will remove and cease trading on the following spot trading pairs at 2022-09-26 03:00 (UTC): USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT,' Binance details.
Three days after thos...
|  | Circle Onboards Bybit as a Partner to Promote USDC Access and Adoption
Crypto derivatives exchange, Bybit announced a partnership with Circle, the company behind the second-largest stablecoin by market cap, USDC.
As per the press release shared with CryptoPotato, the agreement states that expansion of USDC spot pair listings and advancing awareness for USDC and related products while simultaneously collaborating on other potential initiatives are Bybit's focus areas.
The Singapore-headquartered platform said that it will work on developing and promoting products that support the growth of USDC, such as spot trading, perpetual contracts, and options.
It will enable instant auto-conversions between USD and USDC or other stablecoins issued by the digital financial technology firm.
Additionally, the partnership with Circle is also aimed at promoting greater crypto adoption and utility.
The development comes a few months after Bybit introduced USDC options, which happens to be the first stablecoin-margined option contract in the market.
At the partnership launch event held at Vicinity London, Bybit co-founder, and CEO, Ben Zhou said
'We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations. After the success of our USDC options, it was opportune to further develop our working relationship with Circle, which has a reputation for openness and integrity in their services and development of cutting-edge financial technology. We look forward to offering more USDC spot pairs and products to our retai...
|  | Tether Hasn't Sanctioned Tornado Cash Transfers, Unlike USDC
Tether – the issuer of USDT, the world’s largest stablecoin – is yet to freeze addresses associated with the privacy protocol Tornado Cash.
That means USDT holders can still technically use the smart contract to obfuscate their funds. However, it remains unclear whether Tether’s permissiveness amounts to a violation of U.S. sanctions.
Tether and Tornado
According to a statement from Tether on Wednesday, the Office of Foreign Assets Control (OFAC) has established no expectations that stablecoin issuers must freeze secondary market addresses operated by sanctioned entities.
Tether clarified that it would willingly freeze a private wallet address (not exchanges/services) if asked by a verified law enforcement agent. However, none have made any such request of the company pertaining to Tornado Cash, despite Tether’s near-daily contact with relevant entities.
Until it receives such a request, Tether said it would be “reckless” to enact a unilateral freeze against secondary market addresses.
“Even if Tether recognizes suspicious activities on such an address, completing a freeze without the verified instruction of law enforcement and other government agencies might interfere with ongoing and sophisticated law enforcement investigations,” the company explained.
Tether noted that, in some instances, it has been specifically instructed by law enforcement not to freeze potentially criminal addresses. Do...
|  | USDC Whale Holdings Percentage Hits A Two-Year Low
The continuous price fluctuations in the crypto market considerably impact the Circle's stablecoin, USD Coin (USDC). The recent performance of its whales' addresses is making a more southern move. USD Coin records a drop of almost a two-year low in its primary wallet addresses.
According to data from Glassnode, a crypto analytics company, USD Coin metrics are becoming less impressive. For example, the stablecoin had recent sell-offs and drops that cut down its market cap.
A report on the second-largest stablecoin by market cap revealed that the US Treasury Department's sanction on Tornado Cash is a contributory factor against USDC's performance. Not only did the sanction create a loophole for the drop of USDC capitalization, but it also impacted that of Tether, its top competitor.
Following the sanction of Tornado Cash, Circle, the parent the developer of USD Coin, froze about 75,000 USDC tokens. The coins were held by some addresses connected to Tornado Cash.
This action brought a reduction in USDC's market cap. But Tether got an opposite performance on its part. As a result, USDT markets witnessed an increase of about $2 million a few days after the US Treasury sanction.
Many commentators in the industry are comparing the growth and decline of market caps for USDT and USDC. The majority opines that investors made a shift from USDC to USDT. However, data from on-chain analytics providers indicated a massive sell-off over the past two weeks.
Also, Glassnode data confirmed th...
|  | USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?
On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop.
USDC Exchange Reserve Observes Sharp Rise In Recent Days
As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin.
The 'exchange reserve' is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges.
Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market.
Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into.
An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin.
Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months:
The value of the metric seems to have jumped up in recent days | Source: CryptoQuant
As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months.
Following this top, the reserve has started declining, while...
|
More USD Coin (#USDC) News
|
|
|
Crypto Coin Prices and News 