New support for the Bitcoin bulls: $ 20 million fresh USDC minted
New support for the Bitcoin bulls: $ 20 million fresh USDC minted
USDC equivalent of $ 20 million has just been minted by USDC Treasury, which will be launched soon.
Stablecoins and Bitcoin
The USD coin (USDC) is the second largest stablecoin by market cap. The asset is a competitor of Tether (USDT) and is supported by Coinbase and Circle. As it just came out, another $ 20 million has just been minted in coins, reports Whale Alert (@whale_alert).
— Diary of a REKT man (@diaryrektman) January 15, 2020
The reactions to the coinage are mostly enthusiastic. Many seem to think that the newly issued USDC will only prolong the positive price movement of the market.
USDC had an explosive 2019 and is now trying to extend its growth in 2020. In December, in particular, there was an upward trend in coin mintings. For example, $ 19 million was minted on December 4, $ 2.9 million on December 11, $ 1.5 million on December 16, and $ 10 million on December 18. Overall, December was a very active month for USDC Treasury.
Support from Coinbase and Circle
The high-altitude flight for USDC came quickly. In just under three months, stablecoin took the second largest position by market cap. This could not only be achieved with liquidity, but also with the support of Circle and Coinbase, which provide a significant basis for reserves.
However, there has been more than just good news lately. Binance, for example, removed some USDC-based trading pairs from the listing earlier in the month due to the low trading volume.
Many had criticized the move as unfair because Binance US is in direct competition with Coinbase. Overall, the USDC trading pairs are delisted with ALGO, FTM, ONT, XLM and USDS.
In the past, Coinbase has repeatedly used Binance and even excluded the stock exchange from its own “Crypto Rating Council”. Binance was the only big exception.
Still, stablecoin seems ready to continue expanding its market cap. Market cap has increased steadily since May 2019, at the time of writing USDC has a trading volume of around $ 455 million and a market cap of $ 444 million.
