Circulation Of Circle USDC Grew By $200 Million Over The Last Week

Key Points:

• Circle issued a total of USD 4.2 billion USDC, redeemed USD 4 billion USDC, and increased circulation by USD 200 million from the 22nd to the 29th of December.
• The reserve consisted of 10.4 billion dollars in cash and 34.2 billion dollars in short-term US government bonds.

On January 1, Circle official sources made public a report indicating that the firm’s USDC circulation had surged by $200 million in the previous week.

The company that is responsible for the stablecoin known as USDC, Circle, has raised the circulation of the coin as of the final week of 2022. From the 22nd to the 29th of December, Circle issued a total of USD 4.2 billion USDC, redeemed USD 4 billion USDC, and increased circulation by USD 200 million, as stated by official Circle sources. As of the 29th of December, the total amount of USDC in circulation was 44.3 billion dollars, and the reserve was 44.6 billion dollars. The reserve consisted of 10.4 billion dollars in cash and 34.2 billion dollars in short-term US government bonds.

Stablecoins are a type of digital currency that are supposed to be less volatile than cryptocurrencies like bitcoin and ethereum. This is accomplished by linking its market value to an external asset such as the United States dollar. Because of this, they have the ability to act as bridge currencies between the volatile crypto assets and the more traditional assets that are more stable.

Over the course of the past year, Circle’s stablecoin, known as USDC, has seen a surge in both its reach and its level of popularity. For instance, Mastercard announced in the summer of 2017 that it is testing a scheme that will enable cryptocurrency payments between cardholders and retailers by utilizing USDC as the underlying currency.

However, in recent months, regulators in the United States have increased their scrutiny of stablecoins due to their potential to endanger the stability of the financial system. This is because stablecoins increase the degree to which the regulated financial system and the cryptocurrency markets are interconnected.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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