USD Coin (USDC) Achieves Self Reported Market Cap of $60.88 Billion

USD Coin (USDC) traded 0% lower against the dollar during the 24 hour period ending at 10:00 AM ET on February 1st. USD Coin has a total market capitalization of $60.88 billion and $18.81 billion worth of USD Coin was traded on exchanges in the last day. One USD Coin token can now be bought for about $1.00 or 0.00001290 BTC on major cryptocurrency exchanges. Over the last week, USD Coin has traded down 0% against the dollar.

Here is how other cryptocurrencies have performed over the last day:

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded down 2.2% against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC.BBN (SOLVBTC.BB) traded down 10.5% against the dollar and now trades at $78,474.12 or 0.99372946 BTC.
• Lumi Credits (LUMI) traded 8.9% higher against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• SolvBTC (SOLVBTC) traded down 5.2% against the dollar and now trades at $76,994.68 or 0.99364228 BTC.
• AXIA Coin (AXC) traded down 0.1% against the dollar and now trades at $13.43 or 0.00048094 BTC.

About USD Coin

USD Coin’s genesis date was December 31st, 2024. USD Coin’s total supply is 70,312,519,396 tokens and its circulating supply is 60,901,219,650 tokens. USD Coin’s official Twitter account is @circle and its Facebook page is accessible here. The official website for USD Coin is www.circle.com/en/usdc. USD Coin’s official message board is medium.com/centre-blog.

According to CryptoCompare, “Who Created USDC?The cryptocurrency is an open-source project that anyone can view and contribute to and is managed by the Centre consortium, which was co-founded by fintech firm Circle and Nasdaq-listed cryptocurrency exchange Coinbase.Accounting firm Grant Thornton oversees the segregated accounts with regulated U.S. financial institutions that hold the cryptocurrency’s reserves, held in dollars and dollar-denominated assets. In USDC’s case, these dollar-denominated assets are short-term U.S. Treasury securities.How Does USDC Remain at $1!?Because USDC is a fully collateralized stablecoin backed by dollar-denominated assets and allows token holders to redeem USDC tokens for dollars, it can almost be seen as a digital version of the U.S. dollar.Investors can initiate a transaction to buy USDC using fiat currency, with the fiat currency they send over being deposited at a U.S. financial institution while USDC tokens in the same nominal value are minted. If the USDC is redeemed for the fiat currency, the tokens are burned and the dollars are transferred to investors’ bank accounts, according to USDC’s whitepaper. What is USDC Used For?USDC is a widely used stablecoin being adopted throughout the cryptocurrency market as it competes with the leading stablecoin USDT. Some of the cryptocurrency’s use cases include:Hedging against volatilityStable price-peggingRemittancesCrowdfundingPayments for products and servicesLending, borrowing, and other financial servicesBecause USDC is a blockchain-based digital currency, it doesn’t require a bank account, users don’t need to be in a specific location or have an account with a specific institution to use it. Moreover, it isn’t restricted by banking hours or borders.The cryptocurrency is available on a number of blockchains, including Ethereum, Algorand, BNB Chain, Polygon Avalanche, Cronos, Solana, Stellar, and TRON. It’s widely used in the decentralized finance (DeFi) space.”

Buying and Selling USD Coin

It is usually not currently possible to buy alternative cryptocurrencies such as USD Coin directly using US dollars. Investors seeking to acquire USD Coin should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy USD Coin using one of the aforementioned exchanges.

USDC/USD price chart by TradingView