USDC Circulation Spikes by $200 Million, Surpassing $33 Billion Mark
CryptoNewsTerminal Staff18 May, 2024
USDC Circulation Spikes by $200 Million, Surpassing $33 Billion Mark
The circulation of the popular stablecoin USDC has witnessed a significant increase of $200 million over the past seven days. This surge was driven by the issuance of 1.8 billion USDC, while 1.6 billion USDC was redeemed during the same period. As a result of this growth, the current circulation of USDC has reached a new high of $33.2 billion. This surge in USDC circulation indicates a growing demand for stablecoins, which offer a safe haven for investors during periods of market volatility. USDC is backed by a consortium of reputable financial institutions and undergoes regular audits to ensure its transparency and stability. Its increasing circulation underscores the growing confidence in stablecoins as a reliable and secure alternative to traditional fiat currencies.
