Summary
- The circulation of USDC increased by a total of $900 million over the past 7 days.
- It was reported that the issuance and holding of stablecoins can act as buying pressure in the market.
- The current total circulation of USDC is said to be $42.3 billion.
The circulation of the dollar-backed stablecoin USD Coin (USDC) has increased by $900 million (approximately 1.3045 trillion KRW) over the past 7 days.
On the 22nd, Circle, the issuer of USDC, announced on its official website that it issued USDC worth $3.8 billion and redeemed USDC worth approximately $2.9 billion over the past 7 days. It disclosed that the circulation of USDC increased by about $900 million.
As of this day, the total circulation of USDC stands at $42.3 billion (approximately 61.3 trillion KRW).
Typically, an increase in the issuance and holding of stablecoins can act as a buying pressure in the market, which is considered a bullish signal. Conversely, a decrease can be interpreted as a reduction in demand for cryptocurrencies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
