The market share of USDC has fallen below 3%, down 48.2% from the year’s high
On March 25th, it was reported that the current market value of USDC is 33.896 billion US dollars, and its market share has continued to decline since March 9th. It has now dropped
On March 25th, it was reported that the current market value of USDC is 33.896 billion US dollars, and its market share has continued to decline since March 9th. It has now dropped to 2.88%, down 48.2% from the year’s high.
The market share of USDC has fallen below 3%, down 48.2% from the year’s high
1. Introduction
2. What is USDC?
3. How USDC works?
4. Current Market Value of USDC with statistics
5. The reason for the decline in the market share of USDC
6. Future of USDC
7. Benefits and Risks of using USDC
8. Conclusion
9. FAQs
# The Decline of USDC in the Market and Its Future
Digital currencies or cryptocurrencies have changed the way we conduct transactions globally. It’s no longer new information that there exists a range of digital currencies that can be used for various transactions. One of such currency is the USDC (United States Dollar Coin). It was created in September 2018, by Circle Internet Financial and Coinbase. This article will take a deep dive into the current state of the USDC market, the reasons why its market share is declining, its future, and its benefits and risks.
What is USDC?
USDC is a stablecoin cryptocurrency pegged to the value of the US dollar (USD) on a ratio of 1:1. It’s created on the Ethereum blockchain, and it allows for seamless and fast transactions compared to typical USD transactions.
How USDC works?
USDC is designed to work similarly to other crypto coins, but with greater stability. It’s issued by regulated financial institutions, ensuring that the do not exceed the reserved physical US dollar. This implies that for every USDC issued, there is a physical US dollar deposited in a reserve account. This reduces volatility in the currency and acts as a guarantee for its users that the value of their holdings won’t dip suddenly.
Current Market Value of USDC with Statistics
It’s no secret that the market value of USDC since its inception has been rising steadily, and it’s currently the second-largest stable coin in the market after Tether. However, its market share has been declining since March 9th this year, evidenced by its decreasing market capitalization. As of March 25th, it’s reported that the current market value of USDC is 33.896 billion US dollars, and its market share has now dropped to 2.88%, down 48.2% from the year’s high.
The reason for the decline in the market share of USDC
Several factors could be contributing to the decline of USDC in the market. One of such is the recent rise of other stable coins, offering more liquidity options in the market globally. Additionally, the increased regulation of digital currencies is also affecting the adoption of USDC. A decrease in demand for USDC, paired with increased competition, has contributed to its declining market share.
Future of USDC
The future of USDC is still a bit unclear, with increasing government regulations in the face of economic uncertainty. However, despite its declining market share, it remains a significant force in the market. USDC, being a stablecoin that is pegged to the US dollar, could become more valuable in the future; this is due to the global shift towards digital currencies. USDC could potentially become a more stable and secure form of the USD for various transactions.
Benefits and Risks of Using USDC
Benefits
One significant benefit of using USDC is that it’s a way to reduce the volatility of the digital currency market while still enjoying the benefits of cryptocurrency transactions. USDC is beneficial for international transactions, offering users fast transaction speeds and low fees.
Risks
Despite the benefits of USDC, it comes with its share of risks. One significant risk is the regulatory risk associated with cryptocurrencies in the face of increasing government regulations. Additionally, USDC is not immune to hacks and cyber-attacks, which can lead to loss of funds.
Conclusion
USDC was created to make the digital currency market less volatile and keep transactions fast and efficient. Its current state, however, reveals a decline in its market share, but it remains a significant force in the market. The decrease could be due to several reasons, including increased regulation and competition. Nevertheless, it remains an attractive option for investors and traders looking for a reliable cryptocurrency.
FAQs
1. What is USDC?
USDC is a digital stablecoin cryptocurrency pegged to the value of the US dollar (USD) on a ratio of 1:1.
2. Why is the market share of USDC declining?
USDC’s market share is declining due to increased competition and regulatory pressure in the digital currency market.
3. Are there any benefits to using USDC?
USDC is beneficial because it reduces the volatility of the digital currency market while offering fast transaction speeds and low fees.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/11863.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Circle Issued and Redeemed 700 Million and 1.1 Billion USDCs, Respectively, in the Past Week
According to reports, from April 20th to April 27th, Circle issued approximately 700 million USDCs and redeemed approximately 1.1 billion USDCs, resulting in a decrease of approxim
-
What are the reasons for cold and hot wallets (cold wallets vs hot wallets)?
What are the reasons for cold and hot wallets? According to cryptoglobe news, t
-
#NFT Liquidity Agreement BendDAO: A Look into Its Financial Statements
According to reports, the financial statements for the first anniversary of the NFT liquidity agreement BendDAO were released by Unboxing Lab. The report includes cash reserves, lo
-
The State of Cryptocurrency Sales: Bitcoin and Ethereum Lead the Charge
According to reports, according to Coinglas data, the entire network has sold out $158 million in the past 24 hours, of which Bitcoin sold out $27.29 million, accounting for approx
-
What is the relationship between space dog and Dogecoin (the latest market of space dog coin)
What’s the relationship between space dog and Dogecoin? What’s the relationship between space dog and Dogecoin? Spacedog is synonymous with Dogecoin and is a very popular name in the blockchain world According to the data of Messari.io, a Cryptocurrency research institution, there are nearly 2 billion dollars worth of digital assets being issued to Ethereum, most of which are outside the Bitcoin (BTC) ecosystem; And other counterfeit coins such as XRP, DOGE, etc. also have a certain degree of similarity to BTC. In addition, Twitter user @ cryptoslate reported that the “space dog” project has attracted hundreds of new attention worldwide. These two tokens correspond to “Dogecoin”, “firewood coin”, “Litecoin” (LUNA), “dog coin” and “invisible cat” respectively Latest Market of Space DogcoinAccording to the latest market of Space Dogcoin, as of 11:15 am (GMT+8) today, the highest price of Space Dogcoin is $5.98, and the lowest price is $5.72. The current quotation is 5.83 yuan; The space DOGE24-hour increase was…
-
#Table of Contents
It is reported that due to a shortage of cash, Nigerians are turning to the country\’s central bank digital currency (CBDC). The Governor of the Central Bank of Nigeria (CBN), Godwi
-
Ethereum Client Lighthouse Releases v4.0.0: A Must-Have Update for Verification Nodes
It is reported that the Ethereum client Lighthouse has released a new version of v4.0.0, which is a mandatory version that can run the main network Capella upgrade. Verification no
-
Market Report: BTC Falls Below US $28,000
According to reports, the market shows that BTC has fallen below US $28000 and is currently trading at US $27991.2, with a intraday decline of 0.3%. The market is highly volatile,
-
River Financial Partners with Bitcoin Magazine to Boost Bitcoin Adoption
On March 9, River Financial, a Bitcoin technology and financial services company, announced that it had reached a cooperation with Bitcoin Magazine to integrate
-
What is the address for HT to TP wallet (TP wallet to USDT to contract address)
What is the address for HT to TP wallet? According to official information, what is the address for HT to TP wallet? What’s wrong with the HT to TP wallet According to introduction: TP (TrustedTransaction Piccha) is a blockchain transaction settlement and payment system issued by Hong Kong company T&PGlobal. This service is mainly aimed at the settlement of exchanges, wallets and OTC platform users. It is a decentralized asset transfer solution based on Ethereum network; Through smart contracts, users’ digital assets can be transferred from TP and used in other application scenarios, such as in games or entertainment The TP wallet has been transferred to the USDT contract addressAccording to tokenview data, the USDT wallet has been transferred to the contract address. According to tokenview data, from 20:35 pm yesterday, there began to be changes in the currencies starting with UDB: 1. Transferring out 30000 USDTs 2. Transferred 500 million USDTs (totaling 6 transactions) 3. 100 million USDTs (totaling…