USD Coin (USDC) Reaches Self Reported Market Cap of $60.86 Billion

USD Coin (USDC) traded 0% lower against the dollar during the twenty-four hour period ending at 10:00 AM E.T. on January 16th. One USD Coin token can now be purchased for about $1.00 or 0.00001052 BTC on popular exchanges. In the last seven days, USD Coin has traded 0.1% lower against the dollar. USD Coin has a total market cap of $60.86 billion and $11.62 billion worth of USD Coin was traded on exchanges in the last day.

Here is how other cryptocurrencies have performed in the last day:

• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded 1.2% higher against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded 0.6% lower against the dollar and now trades at $95,352.78 or 1.00400827 BTC.
• Lumi Credits (LUMI) traded 8.9% higher against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.

USD Coin Profile

USD Coin’s genesis date was December 31st, 2024. USD Coin’s total supply is 75,480,037,224 tokens and its circulating supply is 60,901,219,650 tokens. USD Coin’s official website is www.circle.com/en/usdc. USD Coin’s official message board is medium.com/centre-blog. USD Coin’s official Twitter account is @circle and its Facebook page is accessible here.

According to CryptoCompare, “Who Created USDC?The cryptocurrency is an open-source project that anyone can view and contribute to and is managed by the Centre consortium, which was co-founded by fintech firm Circle and Nasdaq-listed cryptocurrency exchange Coinbase.Accounting firm Grant Thornton oversees the segregated accounts with regulated U.S. financial institutions that hold the cryptocurrency’s reserves, held in dollars and dollar-denominated assets. In USDC’s case, these dollar-denominated assets are short-term U.S. Treasury securities.How Does USDC Remain at $1!?Because USDC is a fully collateralized stablecoin backed by dollar-denominated assets and allows token holders to redeem USDC tokens for dollars, it can almost be seen as a digital version of the U.S. dollar.Investors can initiate a transaction to buy USDC using fiat currency, with the fiat currency they send over being deposited at a U.S. financial institution while USDC tokens in the same nominal value are minted. If the USDC is redeemed for the fiat currency, the tokens are burned and the dollars are transferred to investors’ bank accounts, according to USDC’s whitepaper. What is USDC Used For?USDC is a widely used stablecoin being adopted throughout the cryptocurrency market as it competes with the leading stablecoin USDT. Some of the cryptocurrency’s use cases include:Hedging against volatilityStable price-peggingRemittancesCrowdfundingPayments for products and servicesLending, borrowing, and other financial servicesBecause USDC is a blockchain-based digital currency, it doesn’t require a bank account, users don’t need to be in a specific location or have an account with a specific institution to use it. Moreover, it isn’t restricted by banking hours or borders.The cryptocurrency is available on a number of blockchains, including Ethereum, Algorand, BNB Chain, Polygon Avalanche, Cronos, Solana, Stellar, and TRON. It’s widely used in the decentralized finance (DeFi) space.”

USD Coin Token Trading

It is usually not possible to purchase alternative cryptocurrencies such as USD Coin directly using US dollars. Investors seeking to trade USD Coin should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Gemini, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase USD Coin using one of the aforementioned exchanges.

USDC/USD price chart by TradingView