USDC Stablecoin is Rivaling Performance of Paxos as Gemini Dollar (GUSD) Is Lagging
Following the launch of the USDC stablecoin on the Coinbase crypto exchange on October 23, the circulating supply of the coin has increased significantly. Precisely, the coin’s circulation has soared by 42%, surpassing the Paxos Standard in the process.
Currently, Paxos has an estimated $108 million in circulation. 40% of these tokens are based on the Binance trading platform. Moreover, the stablecoin is the most recent addition to the portfolio of the Bittrex cryptocurrency exchange. On the other hand, USDC currently has $127 million in circulation, although Paxos has been growing more organically in comparison. With a supply of $11 million, Gemini dollar as still lagging behind its peers.
As per CoinMarketCap, Paxos is the most traded stablecoin over the past 24 hours, having amassed $39 million. The same platform reported that the trading volume for USDC over a similar period was a paltry $1.3 million. However, this data does not include trades conducted on Coinbase. Also, CoinMarketCap indicated that Gemini dollar traded $7 million over the previous day.