Summary
- USDC circulation has increased by $100 million over the past 7 days.
- Stablecoin issuer Circle reported $2.1 billion in USDC issuance and $2 billion in redemptions.
- Increased stablecoin circulation can act as buying pressure in the market and is interpreted as a bullish signal.
The circulation of USD-based stablecoin USDC has increased by $100 million (approximately 143.8 billion won) over the past 7 days.
On the 22nd, USDC issuer Circle announced through their official website that they issued $2.1 billion worth of USDC and redeemed approximately $2 billion worth of USDC over the past 7 days. They disclosed that USDC circulation increased by about $100 million.
As of today, the total USDC circulation stands at $56.1 billion (approximately 80.6998 trillion won).
Typically, an increase in stablecoin issuance and holdings can act as buying pressure in the market and is considered a bullish signal. Conversely, a decrease can be interpreted as reduced demand for crypto assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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