Summary
- It was announced that the circulation of USDC increased by $1 billion over the past 7 days.
- The increase in USDC issuance and holdings can act as a buying pressure in the market, which can be considered a bullish signal.
- The current total circulation of USDC is $59.2 billion, which could have a positive impact on the market.
The circulation of the dollar-based stablecoin USDC has increased by $1 billion (approximately 1.4655 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 $3.6 billion and redeemed USDC worth about $2.6 billion over the past 7 days. It disclosed that the USDC circulation increased by about $1 billion.
As of this day, the total circulation of USDC is $59.2 billion (approximately 86.7576 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.
