As global investors seek the next big thing in the crypto asset space, fast-growing cryptocurrency, USDC, a stablecoin project founded by Circle and Coinbase, just released a whopping 20 million digital coins to an unknown wallet. This is according to Whale Alert, an advanced blockchain tracker, and analytics system.
🚨 🚨 20,000,000 #USDC (20,000,000 USD) transferred from USDC Treasury to unknown wallet
— Whale Alert (@whale_alert) July 3, 2020
Crypto lovers seem to be trooping to stablecoins lately, as USD Coin’s (USDC) market cap broke the $1 billion market capitalization threshold for the first time since the stablecoin was launched in October 2018.
Quick Fact: USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open source project bootstrapped by contributions from Circle and Coinbase. USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC:1 USD ratio.
Things you must know: Investors of stablecoins, such as USDC, make money by earning dividends from the newly created digital coins being given to them for holding such stablecoin stock.
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According to data from Coinmarket cap, the digital coin has experienced growth exponentially.
USDC, the second-largest USD-pegged stablecoin after Tether (USDT), is ranked the 18th largest cryptocurrency by market cap, with a daily trading volume of $246 million.