USD Coin Price Today USDC Price Chart & Market Cap

You can also trade it against various cryptocurrencies in different trading pairs as well as against other stablecoins like Tether. To tokenize US dollars into USDC, a user sends USD to the bank account of the issuer (Circle, https://www.tokenexus.com/ for example) and the issuer uses the smart contract to create an equivalent amount of USDC. This newly minted USDC is sent to the user, while the US dollars, originally sent by the user, are added to USDC’s reserve.

• The trading volume of USDC (USDC) is $5,008,131,335.70 in the last 24 hours, representing a 82.60% increase from one day ago and signalling a recent rise in market activity.
• The price of USDC (USDC) is calculated in real-time by aggregating the latest data across 317 exchanges and 4239 markets, using a global volume-weighted average formula.
• As you might expect, one of the most enthusiastic exchanges that offers USDC is Coinbase, given how the exchange was involved in this stablecoin’s creation.
• The stablecoin market has become exceedingly crowded over recent years — but USDC has aimed to stand head and shoulders over competitors in several ways.
• The tokenization of US dollars into USDC allows rapid movement of the currency tokens and extremely fast settlement.
• In the past six months, Circle has seen its valuation double to $9 billion and the market cap of its USDC stablecoin increase 60% to $51 billion.

The Big ‘Winner’ From the Crypto Crash? USDC Stablecoin

To this end, it says a major accounting firm is tasked with verifying the levels of cash that are held in reserve, and ensuring this matches up with the number of tokens in circulation. USD Coin’s main advantage is that it enables people to buy and sell other cryptocurrencies without having to move fiat currency in and out of exchanges. The USDC stablecoin has been developed to function on Circle’s open-source fiat stablecoin framework. The Circle consortium includes members from Circle and Coinbase and is tasked with the management of the USD Coin price, circulating supply, and other aspects. Growing government interest in cryptocurrencies has also given rise to the concept of Central Bank Digital Currencies, or CBDCs.

• Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum.
• In 2020, Circle and Coinbase announced an upgrade to USDC’s smart contract and protocol, allowing USDC to be easily used for payments, finance, and P2P transactions.
• These tools enable customers to build blockchain applications at scale while offloading infrastructure costs and mitigating security risks.
• As a result, several businesses have started accepting USD Coin as a payment method, making it a faster and more convenient way to enable digital transactions.
• This newly minted USDC is sent to the user, while the US dollars, originally sent by the user, are added to USDC’s reserve.
• USDC was recently dealt a blow from an effort to “enhance liquidity and capital-efficiency” at Binance.

Circle To ‘Stand Behind’ USDC, Cover $3.3 Billion Shortfall Held in Silicon Valley Bank

If you’re keeping score, currently, there are roughly 19 million Bitcoins in the marketplace. Crypto believers say this scarcity will enable the coin’s value to continue rising over time. You can even view monthly reports of these reserve balances, including how much USDC is in circulation and its equivalent value in U.S. dollars. Steve Bumbera, chief operating officer of Many Worlds Token, says USDC is typically looked at as a safer stablecoin because of the degree of transparency surrounding its collateral reserves. When crypto investors buy USD Coin, they expect one USDC to always be equal in value to one dollar. The most common use case is to purchase USDC, store it on an exchange or in a crypto wallet, and then use it to fund purchases of other cryptocurrencies.

USD Coin Historical Price Information

USDC is the second biggest stablecoin in the crypto space and the sixth biggest cryptocurrency by market cap. “We’re excited about empowering Stripe users to accept stablecoin payments, helping them… It is an ecosystem of applications built on the blockchain that provides users access to financial services, akin to and even beyond that of the traditional financial services industry. USDC was launched in September 2018 on a limited basis but has since grown to become one of the top asset-backed stablecoins in the cryptocurrency sphere.

It has a circulating supply of 33,296,917,442 USDC coins and the max. The live USDC price today is $1.00 USD with a 24-hour trading volume of $82.18M USD. The price of USDC is up 0.03% since last hour, up 0.02% since yesterday. The live market cap, measured by multiplying the number of coins by the current price is $330.43M USD. USDC has a circulating supply of 33.11B coins and a max supply of 33.04B USDC.

As Tether Faces Billions in Redemptions, Circle’s USDC Is Gaining Ground

Generally, purchasing any sort of cryptocurrency using fiat currency means that you’ll have to wait as long as it takes for the fiat funds to settle. Coinbase is currently one of the top centralized cryptocurrency exchanges. Meanwhile Circle, founded in 2013 and backed by Goldman Sachs, is an official how to buy usdc Money Transmitter, making both of them an open financial book. One of them is the peer-to-peer payment services company Circle, while the other is the Coinbase cryptocurrency exchange. While USDC’s value is based on the value of the U.S. dollar, Bitcoin’s value is derived from its limited supply.

Tether’s Lead Over USDC Hits $16B as Binance Moves to Limit Stablecoin Competitors