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Since the year's outset, the stablecoin sector has significantly transformed. The two leading stablecoins, Tether's USDT and Circle's USDC, have experienced diverging trajectories in a market still reeling from the implosion of Terra's UST last year.
Credix, with support from Clave, launched a “first-of-its-kind,” fully insured receivables pool. Inaugural investors include the Solana Foundation and Keyrock.
Its market capitalization at the time was only $24 million, but that figure does not carry much weight for several reasons. Indeed, as early as January 2019 it had touched $370 million. Taking the latter as a reference, the current capitalization level is very high indeed.
The market capitalization of USDC is roughly half of what it was a year ago — and sinking.
Island Pay launches CiNKO, a digital wallet using Circle's USDC stablecoin, aiming to revolutionize remittances in Latin America and the Caribbean.
According to The Block, Utopia Labs now enables USDC payments to US banks without CEX, improving interoperability and adoption. KYB/KYC required.
Utopia Labs, a payments company supported by Paradigm, just introduced a new tool that lets US-based businesses deposit USDC into domestic bank accounts. The move is an attempt to eliminate the need for centralised exchanges, which would both speed up and simplify transactions between fiat and cryptocurrencies.
Elliptic's former head of technical crypto advisory, Tara Annison, said that stablecoins have replaced Bitcoin as the crypto asset of choice for criminal activity, with mixers also playing an increasingly important role.
Paradigm-backed Utopia Labs has launched USDC bank transfers for businesses aiming to accelerate crypto payments adoption.
Companies from all over the world will be able to make transactions to Argentina, Colombia and Mexico.
In recent months, the market capitalization of tether (USDT) has experienced a remarkable increase, closely mirroring the surge in bitcoin's (BTC) price. Conversely, its counterpart, USD Coin (USDC), has encountered a substantial decline in market cap.
HONG KONG, July 18, 2023 /PRNewswire/ — CoinEx, a leading cryptocurrency exchange, is thrilled to announce the expansion of its futures trading offerings with the inclusion of USDC contracts. Building upon its commitment to meet the evolving trading needs of its diverse user base, CoinEx have listed two highly anticipated linear contracts: BTCUSDC and ETHUSDC.
As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. However, the stablecoins have seen better days, as the stablecoin has seen its market cap drop drastically over the past few months.
USDC is currently facing a series of declines, which is causing concerns about its ability to maintain its position.
In the past week, Circle's USDC stablecoin has decreased its circulating supply by approximately $100 million. According to Circle, over seven days ending last Sunday, USDC redemptions amounted to $1.4 billion, outpacing the $1.3 billion issued in new coins.
Fantom has verified that approximately over $60M USDC and over $2M USDT have been frozen and are in the process of identifying other affected assets.
USDC issuer Circle Internet Financial has announced a reduction in its focus in an effort to strengthen its balance sheet.
The top stablecoins have continued to see redemptions over the past 30 days as the dollar-pegged crypto economy currently hovers at $127.32 billion on July 12. The stablecoin BUSD's supply has dropped below the 4 billion mark as the token's number of coins in circulation has fallen 16.7% over the last month.
The on-chain patterns of the top two stablecoins by market cap could hint at when the crypto markets are gearing up for another leg up in price, according to the analytics firm Santiment.
In the dynamic realm of cryptocurrencies, USD Coin (USDC) stands out as a stablecoin that aims to bring stability to the often volatile digital asset market. As of July 10, 2023, USDC is trading near parity with the US dollar at a price of $0.999559, showcasing its reliability and consistency.
Multichain, a cross-chain bridging platform, was reportedly hit by a security breach. Following the incident, Circle froze $63 million in USDC.
Jeremy Allaire, the Co-founder & CEO of Circle, which helps businesses and developers harness the power of USDC for payments and commerce, reveals that they quietly released the first major milestone of Circle Web3 Services into production beta this week.
Circle has blacklisted three wallet addresses and about $63 million in USDC assets have been frozen, which were involved in the Multichain hack.
Circle, the official issuer of USDC, the second largest stablecoin by circulating supply, has frozen $63 million from the Multichain hack. Compiled Etherscan data on July 7 shows that the stablecoin issuer froze $27.65 million, $30.1 million, and $5.5 million in three transactions, hampering the hacker's cash-out efforts.
