Around 6 months back, the world had only one stablecoin, Tether, to save themselves from the absurd volatility of the crypto-markets. But as crypto markets entered the second half of 2018, there came a flurry of stablecoins battling out for the numero uno position that Tether has held since inceptions. While the battle still continues, it looks like Circle’s stablecoin USDC is moving ahead of others slightly as platforms are queuing up to provide support to USDC.
75 exchanges, protocols, platforms, applications, and wallets now support USDC
According to the recent that was published on the Circle’s blog, USDC is really becoming a popular stablecoin and is now supported by 75 exchanges, protocols, platforms, applications, and wallets. The post also mentions that IDCM crypto exchange, along with Alpha Wallet, ChangeNow, Loopring, Salt Platform, and XinFin the latest companies to support USDC
IDCM has been one of the largest crypto exchanges in the world, and it now joins other major exchanges which include Binance (where it is listed as a quote currency), OKEx, Huobi, Digifinex, Bitfinex, and many others, where USDC is already traded since it was launched under 3 months ago,
Other crypto exchange marketplaces and platforms that have recently announced support for USDC include ChangeNow and Loopring.
Other non-exchange support for USDC includes Alpha Wallet which will now allow its customers to safely store, transfer and use USDC with various dApps. Salt Lending, a crypto-powered digital lending solution, will be adding USDC to their loan portfolio. And finally, XinFin, an open source hybrid blockchain platform provider, is also adding USDC support across their offerings.
Joao Reginatto, Director, European Product and Operations for Circle, who is the author of this recent blogpost also mentions that these partners of USDC have played a leading role in making USDC the second largest asset-backed stablecoin by market capitalization. These supporters have also helped USDC achieve a few other milestones which includes
- USDC’s market cap now stands at USD 220 million only second to Tether
- Circle has released its second monthly attestation report on US dollar reserves backing USDC issued by an independent accounting firm, Grant Thornton LLP. This is something that Tether failed to provide a long time.
- The Silvergate Exchange Network (SEN) announced support for US Dollar Coin (USDC) issuance and redemption, giving USDC unmatched speed as a fiat on an off-ramp between crypto and USD.
The team behind USDC seems to be really doing their jobs well and if the coin progresses at this speed it will soon race ahead of its competitors and probably challenge Tether very soon.
Will USDC be able to take over Tether as a leading stablecoin of the crypto-world? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.