USDC hits $5.5 B transactions, releases progress report

12 Feb, 2019 | Updated: 12 Feb, 2019
by Arthur Sillers
USDC hits $5.5 B transactions, releases progress report

The stablecoin-child of Coinbase and Circle, USDC, has reached $5.5 worth of transactions on-chain, and in response has published a ‘state of USDC’

USDC seems to have been crafted in response to Tether, which has suffered in large part due to a lack of transparency, and a dogged rumor that Tether is secretly unable to back up its stablecoin with fiat currency. USDC seems to be motivated to provide consistent information to its users and the general public, including the information in this most recent report.

Read more: USDC gets proof of funds approval, attestation report confirms USD backed coins

Some highlights include the support of USDC by many major exchanges, including Binance, Bitfinex, and of course Coinbase, as well as a number of OTC trading desks including Coinbase’s, which the report notes has been a major driver behind the increased circulation of USDC.

The report also boasts of USDC’s growing market cap, which currently hovers around $300 Million.

While USDC has a large and growing set of numbers behind the coin, it is only active in about 8,000 individual wallets. This, especially when considering that a number of these wallets are those used internally by exchanges, means that despite a growing circulation of USDC, the token has not been fully disseminated to a wide breadth of users.

Furthermore, crypto Twitter has pointed out recently that USDC, along with most other stablecoins like Tether and Gemini, include a ‘backdoor’ which can freeze assets. This stipulation is included in order to be used to abate illegal activity, and has never been activated by any stablecoin, but this still has negatively affected the public perception of stablecoins including USDC.

Either way, many investors have pointed to stablecoins as an important stepping stone in massive crypto adoption by providing a stable crypto currency to both onboard fiat currency into the digital market, as well as a useful payment platform as opposed to a rapidly vacillating currency. USDC in particular has things to be happy about, and is likely to be a significant actor in the stablecoin market for the forseeable future.

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Is USDC a viable contender for the top stablecoin?

(14 votes)

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`Is USDC a viable contender for the top stablecoin?` nice question.
I think the answer is NO, as everyone thinks so
12 Feb, 2019 - 10:03
lol, i wonder who thinks yes :D
14 Feb, 2019 - 09:34
I don`t use usdc but all the users tell it it shitcoin.
I`ve mane the right decision
15 Feb, 2019 - 11:00
i think as long as there is such a strong demand from traders for tether usdc has no real chances for becoming dominant token
12 Feb, 2019 - 14:26
You are sureli right. USDC is not someones competitor
14 Feb, 2019 - 08:28
USDC firstly has to prove it financial security for each token. seems like this project is total scam
08 Mar, 2019 - 15:51
USDC is too unpopular to be worth something. Don't see any upcoming success for the coin.
12 Feb, 2019 - 16:12
as for me usdc market cap is not credible .. this graphic doesn't correspond to reality
12 Feb, 2019 - 16:14
pity to see fake volumes especially for stablecoins. usdc team has to think about what are they doing
05 Mar, 2019 - 19:55
Why do you write about the problems with tether if it has confirmed its assets for a long ago?
12 Feb, 2019 - 16:41
that's something new that coinbase is a major exchange. both coinbase and circle provide rather suspicious activity
12 Feb, 2019 - 16:56
such info about good indicators of usdc was fabricated to attract more attention of the market
12 Feb, 2019 - 18:38
Tether is absolutely transparent and you shouldn't talk about the reverse
12 Feb, 2019 - 19:08
Sure that usdc spreads gossip about tether. Usdc is a fraudulent organization and it hasn't nothing to be proud of.
12 Feb, 2019 - 19:22
Is Circle paid this report as well as the USDC audit? I do not believe in these numbers because USDC is a backdoor stablecoin. It is useless and awful!
12 Feb, 2019 - 20:00
USDC hits in the bigg ass after fuc*ing fake audit!
12 Feb, 2019 - 21:56
coinbase always manipulate their child usdc , it deserves only audit attention
13 Feb, 2019 - 07:06
i do not think that USDC is really a serious competitor at stablecoin market so far. there are much more stronger players and this asset should develop faster
13 Feb, 2019 - 08:41
yeah you feel it right. usdc has a lot of things to work on firstly
15 Feb, 2019 - 12:04
USDC has a backdoor and third persons can manipulate it. I dont wanna hold this shit in my wallet at all
13 Feb, 2019 - 14:08
Is USDC a viable contender for the top stablecoin?
My answer NO! USDC didn't pass a true audit and has a backdoor. What can we talk about?
13 Feb, 2019 - 19:43
I do not understand why USDC has so many transactions. Why people buy this steakbcoin after an unproven audit?
13 Feb, 2019 - 22:11
Fake audit, fake USDC stablecoin. What does Circle hope for?
14 Feb, 2019 - 10:08
i still think that USDC was used by circle and coinbase in order to make some money on insider trading. this stablecoin looks like unsecured
14 Feb, 2019 - 10:25
You are right. All the latest news prove the usdc manipulations
17 Feb, 2019 - 08:17
not only you have such opinion. circle turned on scam very fast.
21 Feb, 2019 - 09:58
No need to use USDC with fake audit and backdoor.
16 Feb, 2019 - 00:31
Fake auditing, backdoor inside the code, and dirty PR is a USDC transaction growth success. sorry but i have no words
17 Feb, 2019 - 00:00
What a hype around USDC? Do someone likes a backdoor and third-party control? I'm shocked at all
17 Feb, 2019 - 09:48
nope, no one likes it. no one uses usdc after it
25 Feb, 2019 - 07:20
One more backdoor stablecoin? USDC is on a hype not stability! It will never be in top
17 Feb, 2019 - 19:45
absolutely! but hype will dissapear and we see real usdc!
24 Feb, 2019 - 09:30
usdc is dishonest coin, its ceo has just waiting for an investment in this coin to steal more money
17 Feb, 2019 - 21:08
your true bro.. circle team is lying to us all the time.
fake audits it is too much
23 Feb, 2019 - 06:37
USDC should hit something else badly and should be checked by authorities.
18 Feb, 2019 - 23:12
Why this scamcoin is popular? People believed in the fake USDC audit or what happens?
19 Feb, 2019 - 03:39
think it can happen only once, USDC got lot of issues, like backdoor article said
but I m quite interesting to observe crypto coin changes
19 Feb, 2019 - 04:17
It's not for long. This hype will stop immediately after people see the uselessness of USDC stablecoin. How could USDC with backdoor and fake audit ever have so many transactions?
19 Feb, 2019 - 20:44
$ 5.5 B transactions? I wonder how much money did Circle spend to promote its shitcoin USDC?
20 Feb, 2019 - 08:00
actually this figures might mean that USDC is just pumping demand for the coin however there is no enough financial security to back up all the coins
20 Feb, 2019 - 18:53
USDC is a dreadful token. I am sure he will never start bringing in customers. he is unprofitable
20 Feb, 2019 - 21:42
This USDC growth is temporary. Circle finances this growth and creates fake audits however it cannot last forever.
21 Feb, 2019 - 10:25
It was first and the last time for usdc , there are some reasons for that, like fake previous audit
22 Feb, 2019 - 12:09
circle is the coin in which i don't have any desire to invest
22 Feb, 2019 - 23:01
I wonder who thinks that this question is good `Is USDC a viable contender for the top stablecoin?`???
USDC after all its fake audits and other shit can't exist at all
23 Feb, 2019 - 02:59
i see more users get used to this shit.
good to know that not everyone ready to sorry.
usdc goes out of my wallet!
23 Feb, 2019 - 03:51
just a usual thing for usdc :D
now it shows fake audit
what is next?
23 Feb, 2019 - 07:37
circle, fake audits are not the best idea
24 Feb, 2019 - 09:08
'Just so everyone is aware, there is a backdoor in the USDC stablecoin which allows any address to be blacklisted and funds frozen'
26 Feb, 2019 - 14:48
This was significant slip to start with Goldman sacks since traders don’t believe in USDC now.
17 Mar, 2019 - 23:56
usdc concept supports crime, so if you value your money, don’t hold it in your wallet!
18 Mar, 2019 - 00:00
Gemini, are you crazy there? The coin is so trashy and you still hope for its growth??
18 Mar, 2019 - 00:17
what’s supposed to happen to make people turn from USDT to Gemini? its only possible if the world goes crazy!
18 Mar, 2019 - 00:24
Goldman Sachs support USDC and that means they can cover up any fraud they want, even backdoor!
18 Mar, 2019 - 22:01
I prefer not to touch Coinbase crap – USDC can be a stuff which they use for stealing the data or money.
22 Mar, 2019 - 16:56
I had an idea to test USDC, but its backing by bank killed this thought! I don't trust banks in crypto!
25 Mar, 2019 - 20:58
Why Goldman is telling such barefaced lies about USDC backing? This stable token isn’t backed by dollar!
03 Apr, 2019 - 17:19
This is high time to make USDC go out from business. They’ve proved to be fraudulent!
04 Apr, 2019 - 14:12
USDC has no perspectives in decentralized market, this coin will not make it, I swear.
06 Apr, 2019 - 16:38
It isn’t reasonable to keep crypto supported by bank, that’s not a real crypto actually, USDC is fake.
07 Apr, 2019 - 14:41

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