Stablecoin USDC Capitalization Hits Record High

Against the backdrop of Bitcoin price, the stablecoin USDC, developed by the startup Circle, was able to achieve stunning results, writes the co-founder and CEO of the dollar-backed coin development team, Jeremy Allaire.

Stablecoin USDC Capitalization Hits Record High

As early as March 14, the USDC capitalization exceeded $568 million. On Monday, March 16, this figure exceeded $601.691 million.

Allaire emphasized that during the period of increasing volatility in the cryptocurrency market among investors, the demand for safe assets with good liquidity sharply increased. Assets secured by the US currency are in special demand.

Image source: CoinMarketCap

Circle CEO is confident that the growing interest in digital currencies on the part of traders will lead to the expansion of a qualitatively new financial infrastructure built on the basis of blockchain technologies.

Since the fall of Bitcoin to its lowest level in the last year, the value of USDC coins has jumped by almost 6%. Growth has continued over the past few days.

Allaire considers Tether (USDT) the main competitor of his stablecoin. In January, the head of the startup said that, unlike the USDC, the Tether project does not have sufficient transparency, and the coin itself actually acts as a “shadow dollar” for the Chinese financial system.