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Home Markets Cryptos

Within 72 hours USDC Treasury transfers over 50,000,000 USDC to wallets

Olumide Adesina by Olumide Adesina
July 6, 2020
in Cryptos
In less than 72 hours USDC Treasury Transfers over 50,000,000 USDC to wallets
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In just three days, fast-growing cryptocurrency, USDC, a stable coin project founded by Circle and Coinbase, just released 50 million digital coins from its treasury to various wallets in less than 72 hours. Data compiled from Whale Alert, an advanced blockchain tracker, and analytics system showed the time these transactions took place.

According to Coinbase a leading American based crypto exchange, the consortium that mints USDC, collectively holds US$1.00 for every single USDC. These funds are held in a special bank account that is constantly monitored and audited.

Explore the advanced financial calculators on Nairametrics

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Crypto lovers continued to troop to stablecoins, 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.

READ MORE: Coinbase, Binance, and Kraken Lead in Blockchain Merger & Acquisition Deals

Things you must know: Investors of stablecoins make money by earning dividends from the newly created digital coins being given to them for holding such stablecoin stock.

 


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Tags: CoinbaseCryptocurrencyEthereumstable coinUSDC
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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