Over 5.5 Billion USDC has Been Transferred оn-Chain

Over 5.5 billion USD Coin (USDC) tokens have been transferred on-chain as of Jan. 31 2019, in response to a report launched by the Centre consortium on Feb. 6.

The Centre consortium was based by crypto finance agency Circle and United States-based crypto change Coinbase. USDC s a U.S. dollar-backed stablecoin released by Coinbase and Circle in October of final yr.

In accordance with the report, by the tip of January 2019 over 86,000 USDC transactions have been accomplished on the chain. The doc additionally claims that over 550 million models of the stablecoin have been issued by the aforementioned date, out of which practically 250 million have been redeemed into fiat forex by retail and institutional customers.

In accordance with the doc, over 8,000 Ethereum addresses maintain USDC tokens and over 1.6 billion models of the stablecoin have been traded on cryptocurrency exchanges.

USDC is an ERC20 token on the Ethereum (ETH) blockchain. Furthermore, in response to information from CoinMarketCap USDC is the 20 th prime cryptocurrency by market capitalization.

In December 2018, the Paxos Customary (PAX) stablecoin exceeded $5 billion price of transaction volumes. As of Dec. 13 had been utilized in $5,245,958,124.65 price of transaction volumes, with a market cap of over $174 million.

In accordance with a report released in December, the adoption of all stablecoins is rising primarily based on the rising variety of on-chain transactions, and the 4 main stablecoins have already damaged the $5 billion mark in on-chain transactions inside the three-month interval.

Тhe regulatory panorama for stablecoins nonetheless stays unclear. A Supervisory Memorandum launched by a monetary watchdog in Texas suggested that the native Division of Banking might take into account stablecoins as cash, making them and exchanges that cope with them topic to quite a lot of Texas legal guidelines and license necessities.


Picture through Shutterstock.

Supply: Cointelegraph


Leave a Reply

Your email address will not be published. Required fields are marked *