USD Coin Market Cap Reaches $1 Billion

July 4, 2020 7:33 PM UTC

Coinbase-issued USDC has achieved a new milestone. Since the stablecoin’s launch, the USDC market cap has transcended $1 billion for the first time.

While publishing a newly achieved milestone, the Centre Consortium, a partnership between Circle Financial and Coinbase to oversee USDC, mentioned some main market elements that helped significantly in the growth of USDC. The firm announced that the economic downturn caused by the pandemic, the business community’s growing interest for cost-efficient transfers, and the growth of DeFi protocols have fueled USDC demand.

Centre Consortium announced:

“We expect USDC to continue growing rapidly throughout 2020 and help fulfill Centre Consortium’s mission of establishing an open standard for money on the internet.”

USDT Presents Strong Growth

Stablecoins perform a significant role in the crypto market. 

USDT, the largest stablecoin, drives the crypto market in the domain of stablecoins. Despite the fact that there are a lot of different stablecoins available, the majority of investors employ USDT, which currently has a huge amount of liquidity over all exchanges.

USDT had already surpassed XRP in terms of market cap, and it’s currently the third-largest asset by market capitalization. Recently the USDT market cap reached the $10 billion mark.

Despite USDC’s milestone, its presence is largely overshadowed by USDT.

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