250 Million USDC Just Minted by USDC Treasury Address

IconCryptoNewsTerminal Staff05 Jul, 2024

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250 Million USDC Just Minted by USDC Treasury Address

On-chain data analytics provider Whale Alert has identified a newly issued 250 million USDC from the USDC Treasury address. This recent action brings the total supply of USDC in circulation to over 44 billion. The issuance of new USDC suggests continued demand for the stablecoin, driven by factors such as regulatory clarity and increased adoption in DeFi and other blockchain applications. USDC has consistently maintained its peg to the US dollar, making it a highly sought-after stablecoin for various use cases. It is worth noting that USDC is a fully-backed stablecoin, meaning that each USDC in circulation is backed by an equivalent amount of US dollars held in reserve by regulated financial institutions. This transparency and regulatory compliance have contributed to USDC's growing popularity and trust among users. The issuance of new USDC will likely further enhance liquidity and support the growth of the broader cryptocurrency ecosystem. As adoption of stablecoins like USDC continues to increase, we can expect to see more use cases and applications emerge in the future.

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