1. SipPop GamesHome
  2. Metaverse Matters

Circle’s USDC Continues to Grow in Circulation

• Metaverse Matters • 137 views

On February 25, according to official data, as of February 23, Circle issued a total of US $2.1 billion of USDC and redeemed US $1.5 billion of USDC in the pas…

Circle’s USDC Continues to Grow in Circulation

On February 25, according to official data, as of February 23, Circle issued a total of US $2.1 billion of USDC and redeemed US $1.5 billion of USDC in the past seven days, with an increase of US $600 million in circulation. The total circulation of the USDC is US $42.2 billion, and the reserves are US $42.3 billion, including US $10.8 billion in cash in the Reserve Bank and US $31.6 billion in short-term US treasury bond bonds.

USDC circulation increased by US $600 million in the past week

Interpret the above information:


Circle has reported a significant increase in the circulation of USDC in the past week, issuing a total of US $2.1 billion and redeeming US $1.5 billion. As of February 23, the total circulation of the USDC stands at US $42.2 billion with reserves amounting to US $42.3 billion. The reserves include US $10.8 billion in cash in the Reserve Bank and US $31.6 billion in short-term US treasury bond bonds.

USDC, or USD Coin, is a stablecoin backed by the US dollar, issued by Centre Consortium, a joint venture between Circle and Coinbase. The value of USDC is pegged to the US dollar, making it less volatile than other cryptocurrencies. It is primarily used for payments and trading on cryptocurrency exchanges.

The increase in the circulation of USDC indicates a growing demand for stablecoins in the market. With the volatility of cryptocurrencies such as Bitcoin and Ethereum, stablecoins provide a more stable alternative for investors and traders. USDC’s growing circulation also reflects the increasing acceptance of digital currencies in the mainstream financial system.

Circle’s USDC is backed by a 1:1 reserve of US dollars, ensuring that the stablecoin can be redeemed for its equivalent value in US dollars. The reserves are held in a combination of cash and short-term US treasury bonds, which are considered safe and low-risk investments.

Overall, Circle’s USDC has seen significant growth in circulation, indicating a rise in demand for stablecoins in the market. With its stable value and strong reserves, USDC has become a popular choice for investors and traders, and its increasing acceptance shows the potential of digital currencies in the mainstream financial system.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/3247.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/25/2023 09:00
Next 02/25/2023 09:35

Related recommendations