Representatives of Circle, the issuer of the USD Coin (USDC) stablecoin, spoke about the project’s plans and commented on the fact that the total supply of tokens in the Ethereum network exceeded the number of Tether (USDT) for the first time in history.
At this point in Circle everyone is puzzled by the further development of their product. Against the background of the fact that cryptocurrency users doubt the transparency of Tether, USDC looks like a more reliable project. In the near future, the company plans to settle a number of issues with US regulators. The goal of the organization is to ensure full transparency and legality of the stablecoin. The firm also plans to replenish its reserves and has assured that all USDC will always be backed by real US dollars. The institution is very happy that they were able to compete with the Tether project.
Employees of the financial institution noted that USDT has been one of the most popular stablecoins since its inception in 2014. Then it was still based on Omni. Its main competitors of those times, BitUSD and NuBits, eventually sunk into oblivion, and new players entered the market. USDC appeared in 2018 and has set itself the goal of becoming one of the key stablecoins in the market. This result was achieved in a few years and the leaders of the fintech company are not going to stop there.
Circle emphasized that USDT is still the most widely used stablecoin in the world, with a total market capitalization of $78.3 billion, but 50% of the supply is on the Tron network, and another part is on Binance Smart Chain, Solana, Huobi ECO Chain and 15 other networks. At the moment, the total USDC offer is only $45.77 billion in 21 chains, but the project team said that this is far from the limit.
Earlier, Crypto.ru reported that Circle launched its own USD Coin (USDC) stablecoin on the Avalanche network. The company said it wants to enable crypto communities to use the stablecoin for decentralized finance (DeFi) services.
#Circle #told #plans #USD #Coin