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USD Coin (USDC) Reaches $50 Billion Market Cap, A Recap of USDC Growth

USD Coin (USDC) reaches $50 billion market cap in less than 60 days after it reached $40 billion market cap on December 5, 2021.

USD Coin (USDC) reaches $50 billion market cap in less than 60 days after it reached $40 billion market cap on December 5, 2021.

In a blog post on Tuesday, February 1, Circle, the Boston-based financial services company behind the USDC stablecoin, revealed that the stablecoin has reached a $50 billion market cap as of January 31, 2022.

According to CoinMarketCap, USDC is currently the second-largest stablecoin with a market cap of $50.25 billion.

What is USD Coin (USDC)?

USD Coin (USDC) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Every unit of this cryptocurrency in circulation is backed up by $1 that is held in reserve, in a mix of cash and short-term U.S. Treasury bonds.

USDC is developed and managed by the Centre Consortium that has two founding members: Circle Pay and Coinbase. The stablecoin was originally launched on a limited basis in September 2018. It is currently the second-largest stablecoin in the cryptocurrency market after Tether (USDT) that has a market cap of over $77 billion.

USDC Growth

USDC was at $40 billion cap on December 5, 2021, and achieved $50 billion milestone on January 31. This represents a staggering 25% growth in less than two months. According to Circle, USDC has grown 10,000% over the span of two years.

According to Circle’s latest blog post, USDC was used in nearly $2.5 trillion in on-blockchain payments and settlements in 2021, and 4.6 million active wallet addresses with USDC transactions in 2021.

It is currently available on 8 blockchains and more than 200 blockchain protocols supports USDC. 223 digital wallets in over 175 countries and 34 leading exchanges in more than 180 countries supports trading and converting USDC, providing liquidity and convertibility to key currency markets around the world.

As NewziTech reported earlier, Tron-based USDC was recently listed on Binance cryptocurrency exchange.

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