Stablecoin, USDC, developed by startup Circle, managed to achieve overwhelming results with Bitcoin value falldown as the backdrop. Jeremy Allaire, a leader of the team that developed this dollar-backed coin, announced this on Twitter.
On March 14, USDC capitalization was over $568 million. On Monday, March 16, this figure exceeded $601.691 million.
‘1 / #USDC surging in market demand over the past days, reaching new ATH at $ 568m in circulation. Fascinating to see “flight to safety” within the crypto macro market, but also demand for high quality USD liquidity for markets.’ Jeremy Allaire (@jerallaire) wrote on March 13, 2020.
Allaire stressed the demand for safe good-liquid assets soared out among investors during the period of increased volatility in the cryptocurrency market. U.S. currency-backed assets were highly demanded.
The CEO of Circle is sure the increasing trading interest in digital currencies leads to the expansion of a new-in-quality financial infrastructure built on the blockchain technologies base.
Since Bitcoin dropped to its lowest level experienced during the last year, the value of USDC coins surged by near 6%. The growth continued during the last few days. Allaire thinks Tether (USDT) is the main competitor of his Stablecoin. In January, the startup head declared the Tether project, unlike USDC, not to have adequate transparency but the coin actually acts as an “underground dollar” for the Chinese financial system.