USDT capitalization exceeded $ 7 billion; Circle …
USDT capitalization exceeded $ 7 billion; Circle announced “explosive interest” in stablecoins
Circle’s stablecoin-focused business model has been unexpectedly successful amid the coronavirus crisis. Circle CEO Jeremy Aller announced this..
According to him, the popularity of stablecoins is growing everywhere, and now they are increasingly used for settlements in ordinary commercial transactions, and not only for moving money between cryptocurrency exchanges..
“We’ve seen explosive interest and growth in USDC over the past weeks,” he said, referring to his company’s stablecoin. – There is a very significant global demand for digital dollars and their use as a new means of payment “.
Circle’s new customers include e-commerce marketplaces, ad networks, luxury goods manufacturers, recruiting platforms, digital content markets, peer-to-peer credit platforms, payment companies, software distributors, professional service providers, loyalty program providers, mobile banking service providers, and more. -company. Circle business accounts, first introduced in March, have grown by 700% in recent weeks, with two-thirds of customers coming from outside the crypto space.
According to CoinMetrics, USDC capitalization has grown by 65% since March 1: from $ 444 million to $ 734 million.
Meanwhile, the largest stablecoin USDT has crossed the $ 7 billion mark in terms of capitalization, according to the Skew platform. Analysts note that USDT is constantly trading at an overpayment against the US dollar, indicating strong demand.
According to Aller, the crisis has led to an accelerated spread of blockchain among mass consumers. “We believe this is a turning point in digital currency adoption,” he said..
Earlier it was noted that Ethereum caught up with Bitcoin in terms of the amount of transferred funds, primarily due to the large number of stablecoin transactions in its blockchain..
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