The USDC market capitalisation reached a total supply of $14.4 billion, after a $3 billion influx, one quarter of similar protocol Tethers market cap.
Significantly, there was a large spike in USD Coin (USDC) with a considerable volume being minted in 24 hours, this marked the largest amount made within the history of dollar-backed stablecoins with $3 billion surging into its market.
The newly minted coins in question are added to the market by dollar deposits made by customers 1 dollar for 1 USDC, and Fridays’ influx amounted to over a one quarter of the entire market cap at the time. A stablecoin is a cryptocurrency that retains a stable value, a very common characteristic for a stablecoin is for them to be pegged to an existing currency. Primarily the US Dollar is used for this intrinsic property, allowing for smooth trading and appraisal of exchanges as well as an easier time transacting crypto to fiat currency.
The unexpected introduction of $3 billion in USDC into the cryptoasset market has occurred at an advantageous period as the altcoin market has been experiencing a prolonged boom, as demonstrated by Bitcoin’s (BTC) decline in dominance of the market, displaying its lowest market cap dominance in two and a half years.
Bitcoin’s market dominance fell below 50% on Friday and now rests at 47.7%, an all-time low since August 2018, as Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA), and other cryptocurrencies have seen a surge in market captalisation. Bitcoin’s overwhelming dominance peaked in January at a colossal 70% but has been slowly depreciating since then.
The subsequent introduction of a $3 billion boost to USD Coin has increased the coins market cap to 28% of the worth of Tether (USDT), making it one of the most popular stablecoins to buy. Tether (USDT), with over $50 billion in circulation at the time of writing, had over 10 times the market cap of USD Coin prior to multiple high-profile mints. This shows that investors have found a viable usage for USDC after its market cap climb, possibly at the decline of USDT.
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