Since it was launched three weeks ago, USD Coin (USDC) has seen significant increases in daily volumes, growth in its global market cap, and widespread adoption across the crypto industry. These trends have accelerated because market participants are seeking a more transparent and compliant USD token.
Here’s a snapshot of the growth for USDC across the ecosystem (including Circle activity):
- Trading volume on exchange platforms in the last 24 hours has surpassed the volume for all of last week, with 2,000% growth week over week
- Market capitalization has grown 85% in the last week, now surpassing $25M
- More than 40 companies across the crypto ecosystem support USDC
Dozens of companies across the crypto ecosystem supported USDC when it was launched in late September and more companies announce support each week: In fact, nearly 10 new companies have announced support for USDC since it was launched on September 26.
You can see more USDC supporters here.
Investors and traders need seamless on and off-ramps for fiat currency into the exchange ecosystem, need to hedge in and out of volatile crypto assets, and need to move stable value across exchange venues to seek arbitrage and liquidity opportunities. USDC helps make all of that possible.
Because fiat tokens are foundational requirements for enabling powerful new global financial contracts, products, and services on the internet, we expect to see widespread adoption for USDC in the months and years ahead. USDC is the first of several fiat tokens CENTRE expects to deliver, and Circle is the first of a number of forthcoming CENTRE members to launch USDC issuance.
Learn more about USDC and sign up or sign in to tokenize and redeem USD here.