Summary
- It was announced that the circulation of USD Coin (USDC) increased by $1.2 billion over the past 7 days.
- The increase in the issuance and holding of stablecoins can act as buying pressure in the market, which is considered a bullish signal.
- The current total circulation of USDC is $53 billion.
The circulation of the dollar-backed stablecoin USD Coin (USDC) has increased by $1.2 billion (approximately 1.7499 trillion KRW) over the past 7 days.
On the 1st, Circle, the issuer of USDC, announced on its official website that it issued approximately $3.4 billion worth of USDC and redeemed about $2.4 billion worth of USDC over the past 7 days. It disclosed that the circulation of USDC increased by about $1.2 billion.
As of this day, the total circulation of USDC is $53 billion (approximately 77.2899 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, it can be interpreted as a decrease in demand for virtual assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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