April, more USDCs were printed than ever before in the existence of this Coinbase-backed stablecoin, with over $ 3 billion minted in just one day.

New stablecoins are minted whenever customers exchange their US dollars for tokens, and yesterday’s inflows accounted for over 26% of USDC’s market cap. It shows that maybe a huge US institution has just jumped into the crypto market.

Source: Coinmarketcap

The sudden appearance of USDC 3 billion in the crypto market coincides with a strong altcoin market, evidenced by the decline in the Bitcoin dominance index to a two and a half year low.

Yesterday’s bitcoin dominance of 47.79% was the lowest since August 2018, when ETH, BNB, ADA and others have massively increased their market capitalization since the start of the year. Bitcoin dominance reached over 70% in early January and has been declining since then.

Also in the time mentioned above, the Bitcoin price has increased by almost 10%, important Altcoins such as XRP, BCH, BSV have even increased by 15% in the last 24 hours.

The value of USDC in circulation rose from $ 11 billion to nearly $ 14.4 billion on Friday, meaning USDC now has a market cap of 28% of Tether with over $ 50 billion in circulation are. As of August 2020, USDC held a market cap of just 1/10 of USDT, showing that traders have found productive use with USDC.

Circle, the company that co-founded USDC with Coinbase Exchange, recently announced that it has partnered with New York’s Signature Bank to secure a reserve of stablecoins. USDC is said to be backed by a combination of cash and short-term US Treasuries.

Thach Sanh

According to Cointelegraph

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