Circle’s Stablecoin USDC Grows and Expands Amid Tether (USDT) Market Turbulence
USDC Grows and Expands Amid Market Turbulence Around Tether
USDC was launched just a few weeks ago and it showing a real interest from several users and investors in the market. According to a blog post uploaded by Circle, USDC has experienced significant increases in daily volumes, growth in its global market cap and widespread adoption.
This is happening due to the fact that investors are searching for new stablecoins aside from Tether (USDT). It is important to mention that Tether (USDT) has been involved in different controversies and on October 15, it has lost its peg with the US dollar after being traded under $0.9 dollars.
According to Circle, USDC trading volume has grown over 2,000 percent in just a week. Its market capitalization has also grown 85 percent during the last week, and it currently is close to $25 million dollars. At the same time, there are more than 40 different companies in the crypto industry that are supporting USDC.
Back in September when the virtual currency was launched it was supported by dozens of companies. Since it was launched nearly 10 new companies have announced support for USDC since it was launched.
Interested users and investors can trade USDC in order to hedge in and out of volatile crypto assets, find a fast way to move funds between different platforms or seek arbitrage and liquidity opportunities. With USDC this is now possible.
The company remains bullish about the future of the coin. It said that it expects USDC to continue expanding and being adopted by new companies in the crypto ecosystem In addition to it, USDC is the first of several fiat tokens CENTRE expects to deliver.
On October 15, Tether lost its peg with the dollar. Because of this situation, Bitcoin skyrocketed in just a few minutes up to $7,800 dollars. At the moment, Bitcoin is being traded as it was some days ago, close to $6,500 dollars.