In the wake of the bizarre trading activity surrounding most major stablecoins, Goldman Sachs-backed circle has released a report indicating that their USD//Coin (USDC) has seen significant increases in daily trading volumes, a surge in its market cap and widespread adoption across the crypto industry.
Since it was launched three weeks ago, USD//Coin (USDC) has seen significant increases in daily volumes, growth in its global market cap, and widespread adoption across the crypto industry. Learn more here:https://t.co/Ej8VpR6m41
— Circle (@circlepay) October 15, 2018
According to the report, the market capitalization of USDC has recently surpassed $25 million, jumping 85% in the last week alone. The stablecoin’s trading volume has grown 2,000% week over week, with a significant portion of the activity coming in the last 24 hours.
This latest trading volume was likely driven by the flight of capital from Tether (USDT) to more transparent trading options, which ultimately caused the price to detach from its 1:1 peg to the dollar, going as high as $1.11. It has since returned to its asset-backed price, now trading at $1.03.
There are now more than 40 different cryptocurrency companies supporting USDC, with 10 new companies announcing support since USDC launched on September 26, including Coinbase, BitPay, KuCoin and Ledger.
USDC was built using the ERC-20 standard and operates within the regulated framework of U.S. money transmission laws, and is “reinforced by established banking partners and auditors,” according to Circle.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.