USD Coin (USDC) Tokens Record 5.5 Billion Units Of Stablecoins Being Transferred Since Inception
More Than 5.5 Billion Units Of Stablecoin USDC Transferred Since Its Inception
A report released by Centre consortium shows that they have had an on-chain transfer of over 5.5 Billion with more than 86,000 transactions.
With USDC, you can move dollars anywhere in the world in minutes instead of days. Cheaply and securely. The tokens bring stability to crypto, opening up possibilities for trading, hedging risk, lending and beyond. Circle is a regulated Money Transmitter, so we’re an open financial book. Before USDC can be used, the associated USD is deposited with one of our accredited bank partners — and Grant Thornton LLP reports on those reserve holdings.
The report says:
“As of January 31, 2019, over 5.5B (5,539,841,412.24) USDC has been transferred via the Ethereum blockchain with over 86,000 (86,632) transactions completed on-chain. Over 550M (556,179,473.97) USDC has been issued with nearly 250M (248,385,750.32) USDC being redeemed by retail and institutional users.”
They go on to explain the reasons for the high usage and demand. The main reason for it is the integration across major global crypto exchanges and availability from crypto OTC desks. Another reason is an adoption from institutions and market makers that trade within the global crypto markets.
Major global exchanges currently offering USDC trading pairs include Binance, Bitfinex, Coinbase Pro, OKEX and Poloniex. In addition to USDC pairs being offered on a broad number of global exchanges, USDC was implemented as a quote currency on Poloniex, Coinbase, and Binance for major crypto assets – a designation previously occupied mainly by Bitcoin, Ether & Tether. USDC is currently listed as a quote currency for 20 top crypto assets – those pairs include BTC/USDC, ETH/USDC, XRP/USDC, EOS/USDC, and XLM/USDC.