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Nuts and Screws Propelling USDC Popularity in The Crypto Space
USD Coin is considered the second most lucrative stablecoins in the crypto world. It introduced the crypto world to the idea of the USD coin in early May 2018, but the coin itself was launched in September of the same year. Being a stablecoin, the USD coin is backed by the USD currency in the bank accounts.
In 2021, the USD coin has been increasing vastly in adoption, and the trading volumes have been growing vastly recently. Its growth has been seen to be higher than that of USDT, the older stablecoin. The USDC coin has a current market cap of about 26 billion, and its numbers are surging at a pacing rate. USDC is becoming more popular than USDT because it is seen as a safer asset than USDT.
Generally, the performance of this coin makes the investors want to know the reasons behind its recent success and where the coin originally comes from. This guide will look into that keenly.
USDC; The Origin
As already mentioned, the USD coin was launched in late 2018 as a USD-backed stablecoin. So who is behind the USDC stablecoin? An institution created USDC called the Center to enable an easy exchange of value between investors. Generally, the idea was to remove the financial barriers associated with the global economy.
The Center consortium is made up of two organizations, Circle and Coinbase. The creation of the network eliminates artificial economic barriers and will help connect people from all over the globe.
As part of their mission to make this coin the best in business, Circle and Coinbase announced last year that they would be introducing further upgrades to ensure the coin gains more efficiency and adoption.
Why Is USDC Gaining Vast popularity?
Generally, the USDC is continually becoming more popular than many of the known stablecoins recently. Moreover, experts show that this coin is performing better than the other stablecoins USDT. But why is USDC so successful recently?
The circle is Going Public.
Circle, the company behind the USD coin, just recently announced that it is going public. According to a Coindesk news article, Circle is currently valued at $4.5 billion and aims to go public via Concord Acquisition Corp.
Due to the decision by Circle to go public, the USDC is gaining vast demand in recent days. Generally, investors are certain that this is a worthy asset, and many use it in their daily activities.
The Blockchain Behind USDC
Another factor contributing to the current success of the USDC coin is blockchain support. Originally, the USDC coin was based on the Ethereum network, considered the main center of the Defi world.
In 2020, the coin was introduced to more blockchain networks, including Algorand, Stellar, and Solana. However, they recently announced that they would be rolling out in other platforms like Hedera, Kava, Polkadot, Stacks, Tezos, Tron, Avalanche, etc. Once they complete this rollout, USDC will be the most common stablecoin, thus increasing its demand even further.
The Coinbase Backing
Being a product of Coinbase, it goes without saying that this coin has an excellent chance of surviving in the crypto world. Coinbase is surely the largest crypto exchange globally; as such, its backing of the USDC is enough marketing for the coin. Furthermore, most people believe that the USDC is a genuine coin only because it is associated with the Coinbase exchange. As such, investments connected to USDC are increasing.
Increased Utility of The Asset
Another reason USDC is thriving in the crypto space is that it has many use cases. The use cases of any coin make it attractive, which translates to more demand and better investment prospects. So what are the use cases associated with the USDC stablecoin?
- Cross-border payments- Recently, stablecoins have increasingly been used in cross-border payments, thus causing the USDC success. Stablecoins are very easy to use and transact when compared to bank payments.
- The USDC coin is also gaining popularity because of its increased use in governmental aid. For example, it’s easier for the government to use USDC to send relief funds and offer financial aid in times of disaster.
- Investors can pay their employees with USDC due to its ease of access and usage.
Why is USDC Worth Investing In?
Finally, is the USD coin a good investment? Yes, the recent performance by the coin and the plans to make it go even further are clear indications that this coin is a lucrative investment option.
Recently, Coinbase announced plans to give 4% APY on this stablecoin in a mission to attract more investors. Generally, by holding some USDC in the account, the investor stands a chance of earning interest, making this an excellent investment option. As such, USDC offers returns like a traditional bank savings account.
Moreover, USDC is an excellent investment option because it’s backed by real USD in the bank. As such, it’s not going to lose value to zero completely.
As the USDC is a big part of the Defi economy, the Defi boom will have a big impact on the success of this coin, making it an even more attractive asset.
According to the market charts, the USD coin is increasingly becoming an attractive asset, and it’s already performing better than the other stablecoins. The coin is a product of Coinbase and Circle, two excellent crypto networks.
This coin will continually gain more popularity because of its support from coinbase and its increased use cases. Furthermore, the fact that USDC is so popular in Defi and the Defi economy is growing vastly puts this coin on route to being the best stablecoin. Finally, the USD coin is an excellent investment asset especially considering the 4% APY offered for holding the coin.