USD Coin (USDC) Circulation Increases by Approximately 3.7 Trillion KRW Over the Past 7 Days
Summary
- USDC circulation increased by 3.79 trillion KRW over the past 7 days.
- Circle announced that it issued USDC worth $4.6 billion and redeemed $2 billion.
- An increase in the issuance and holdings of stablecoins can act as buying pressure in the market.
The circulation of the dollar-based stablecoin USD Coin (USDC) has increased by $2.6 billion (approximately 3.79 trillion KRW) over the past 7 days.
On the 9th, Circle, the issuer of USDC, announced on its official website that it issued USDC worth $4.6 billion and redeemed USDC worth about $2 billion over the past 7 days. It disclosed that the circulation of USDC increased by approximately $2.6 billion.
As of this day, the total circulation of USDC is $55.7 billion (approximately 81.19 trillion KRW).
Typically, an increase in the issuance and holdings 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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