E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»USDC Stablecoin Records Second-Highest Trading Volume Ever Amid Massive Volatility
Crypto

USDC Stablecoin Records Second-Highest Trading Volume Ever Amid Massive Volatility

By June 15, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

As per the latest data compiled by crypto analytic platform, IntoTheBlock, USDC stablecoin recorded its second-highest volume ever.

USDC Winning the Tussle

ITB said that with Bitcoin and Ethereum going down below $21k and $1,100, the total volume transacted on-chain on USDC reached $38.72 billion.

Interestingly, this isn’t the first time that USDC has sailed through smoothly in the time of a market downturn.

During the UST de-pegging and eventual collapse as well Circle’s flagship stablecoin managed to close the gap to the top centralized stablecoin, Tether’s USDT. This was the time when extreme fear gripped the market, and investors ditched USDT for USDC, which went on to become the stablecoin of choice on the Ethereum blockchain.

In fact, USDC has been gaining market share since the once-$18 billion UST stablecoin went on a death spiral, and USDT’s price wobbled.

Currently, it is the second-largest stablecoin with a $54.23 billion market cap, right after Tether, which stands at a market value of $70.77 billion, according to CoinMarketCap. Much of the effort can also be attributed to the stablecoin issuer and fintech company Circle for pushing USDC adoption through acquisitions and other initiatives.

History Repeats?

The recent market downturn was triggered by the crypto lender – Celsius’s decision to suspend all withdrawals and transactions in a bid to prevent a run on deposits. Amid the worsening macro events on a global scale and liquidity crisis in crypto, another controversial dollar-based stablecoin wobbled.

While centralized stablecoins have been trading just fine, it is the algorithmic ones that are creating trouble once again. This time it is USDD, a stablecoin founded by Tron creator Justin Tron in May 2022, that slid from the dollar peg despite the overcollateralized reserve.

It slipped to the lows of $0.974. According to Sun, the cause of de-pegging was large numbers of short sellers targeting TRX, the network’s native token, on Binance. In an effort to reestablish the peg, the exec said that the Tron DAO Reserve would pledge as much as $2 billion to fight the short sellers.

TRON DAO Reserve, which manages the stablecoin, revealed that it would be withdrawing 2.5 billion TRX out of Binance to “safeguard the overall blockchain industry and crypto market.”

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Rashid Khan: A Nightmare For Every Batsmen January 18, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.