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USDC stablecoin capitalization approaches $ 11 billion

In mid-March, the capitalization of the second largest stablecoin USD Coin (USDC) exceeded $ 10 billion. Over the past two weeks, the market supply of digital currency with fiat backing has renewed its maximum. Already on April 8, this figure came close to $ 11 billion. The developer of the USDC is the Circle startup, whose head Jeremy Alleir has repeatedly stated that his coin is the main competitor of the largest stablecoin Tether (USDT). On Twitter, Alleir posted a post in which he noted that in terms of the volume of transactions, USDC could in the future be able to bypass the PayPal payment system. According to him, last year the volume of transactions with USDC coins exceeded $ 500 billion – this is about half of PayPal’s turnover. According to Statista, in 2020, this payment system processed transactions totaling up to $ 936 billion. Compared to 2019, the volume of transactions increased by 31.5% (from $ 712 billion). Currently, on average, investors make transactions with USDC coins totaling up to $ 2.5 billion per day. For comparison – the volume of daily transactions with USDT is about $ 9.8 billion. Some Twitter users reminded Jeremy Allair that people use PayPal to pay for goods and services, while USDC is used primarily for speculation on exchanges.

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