USDC, or USD Coin, is a stablecoin designed to maintain a stable value equivalent to one US dollar. It is fully collateralized, meaning that for every USDC coin in circulation, there is a corresponding US dollar held in reserve. This stability makes the USDC coin an essential tool for bridging traditional dollars with cryptocurrency trading.
Developed through CENTRE technology, USDC facilitates seamless value exchange between individuals, businesses, and financial institutions. This technology aims to eliminate economic barriers, much like how email and SMS remove boundaries in digital communication. By promoting a more inclusive global economy, USDC coins seek to enhance financial accessibility and integration.
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Key Milestones
- 2018: USDC launches, establishing itself as a fully-backed stablecoin.
- 2019: Peaks at $1.17; begins gaining popularity among exchanges and users.
- 2020: Significant growth in adoption, with integrations into various DeFi protocols.
- 2021: USDC becomes one of the top stablecoins by market cap, due to its increased institutional interest and its use in decentralized finance (DeFi).
Hope this answers your question as to what is USDC Coin!
Where Can You Buy USDC Coin?
- USDC tokens can be acquired and traded on various centralized cryptocurrency exchanges.
- Binance is the most prominent platform for purchasing and trading USDC, particularly noted for its high trading volume. As of the latest data, the USDC/USDT trading pair on Binance has an impressive 24-hour trading volume of $537,486,050.
- Other notable exchanges where USDC can be bought include Gate.io and Bitget, providing users with multiple avenues to engage with the stablecoin.
Crypto Market Analysis
Let’s dive deeper into the USDC coin and see what the past holds for it and what the future has in store.
Daily Trading Volume
The daily trading volume of USDC stands at $5,924,992,095. This figure highlights a significant 127% increase from the previous day, indicating a recent surge in trading activity and market interest in USDC. This high trading volume underscores the stablecoin’s integral role in the cryptocurrency market.
Historical Price Performance
USDC’s price history reflects its stability as a stablecoin. The highest recorded price for USDC was $1.17, achieved on May 8, 2019. Conversely, the all-time low price for USDC was $0.8776, observed on March 11, 2023.
Current Market Price & Market Capitalization
At the time of writing, USDC was trading for $1.00. As of now, USDC has a market capitalization of $34,522,472,777, placing it as the 6th largest cryptocurrency on CoinGecko. Market capitalization is calculated by multiplying the current token price by the circulating supply, which is approximately 34 billion USDC tokens.
Comparative Price Performance
In terms of recent performance, USDC has experienced a price increase of 0.40% over the past week. This increase is relatively modest when compared to the broader cryptocurrency market, which has risen by 6.00% during the same period. Additionally, when compared to other stablecoins, which have seen a 1.30% increase over the week, USDC’s performance lags slightly behind. This indicates that while USDC remains a stable and reliable asset, its growth trajectory may not be as quick as some of its peers. The USDC coin interest for contributing to USDC liquidity is 1.50%.
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Conclusion
USDC is a key player in the cryptocurrency world, providing a stable and reliable way to handle transactions and trading. It is widely used on major exchanges and has a high trading volume, showing its importance. While USDC’s growth might be slower compared to other cryptocurrencies, its stability and strong market position are significant. It plays a crucial role in connecting traditional finance with the digital world, supporting a more inclusive and connected financial system.
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
