By Luke F - Crypto Investor - 30-04-2021
There was a significant spike recently in USD Coin (USDC) with a large amount being minted in one day, which marked the largest amount made within the history of the dollar-backed stablecoin. It’s reported that just over $3 billion minted in less than 24 hours.
The new USD coins are made when a customer trades their US dollars for the popular stablecoin, and Friday's influx amounted to quite 26% of the stablecoin's market cap at the time. A stablecoin is a cryptocurrency that offers stability for new traders and is pegged to a price more often to a fiat currency or commodity. This can also make transactions from crypto to fiat much easier for cautious investors.
The unexpected entry of $3 billion in USDC into the cryptocurrency sector coincides with a thriving altcoin market, as demonstrated by Bitcoin's (BTC) declined to its lowest market cap supremacy in two and a half years.
Bitcoin's supremacy of 47.79% on Friday was an all-time low since August 2018, as Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA), and other cryptocurrencies have seen their market capitalizations soar since the start of the year. Bitcoin's dominance peaked at quite 70% in early January and has been steadily declining since.
The value of USD Coin in circulation increased from $11 billion to just about $14.4 billion on Friday, giving USD Coin a market cap worth 28% one of the best stablecoins to buy, Tether (USDT), with over 50 billion in circulation. Last year in August, USD Coin initially had a market cap worth just one-tenth of Tether. This shows that investors have found a transparent use for USDC, possibly at the value of USDT.
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