When it comes to stablecoins in the cryptocurrency industry, most people look no further than USDT or DAI. A bit unusual, as there are several other pegged currencies making inroads. The success of USDC, for example, shows there is room for solid competition in this industry.
USDC Brings The Heat
It is commendable to see other currencies but Tether’s USDT be successful among the many stablecoins. However, it will be challenging to rival that behemoth in market cap; there are many reasons to explore other options on the market. No one pegged currency fits everyone’s needs, nor should there be. More competition can attract more people to the cryptocurrency industry, which is all one can ask for.
One pegged currency many people overlook is USDC, a stablecoin that quickly raises the ranks. Although its market cap might not show it right away, this asset has a rapidly increasing cumulative transaction volume. Such a metric is essential for any digital asset, as the main objective is to get more people to use it. USDC Seems to have the bases covered in this segment.
Thanks to this ongoing use, the stablecoin now represents over $600 billion in cumulative transaction volume. A significant milestone for a currency that most people seem to ignore. Furthermore, it is worth noting that USDC is on track to surpass the $11 billion market cap. Both of these metrics confirm the project has hit its stride and may eventually rival Tether’s USDT in market capitalization.
Regardless of how one wants to look at the different stablecoins on the market, they remain some of the most popular digital assets. As they are not subject to volatility, they make for excellent tools to transfer value across the globe. Moreover, various wallets and services accept stablecoins like USDC for transactions or payments, giving them more use cases than most altcoins.
USDC Total Transfer Volume Holds Strong
One reason why stablecoins are so popular is that one can move vast amounts over the network. For USDC, that total transfer volume is rising steadily. It is no longer uncommon to see days with nearly $4 billion in value being moved through this stablecoin. A strong signal to the rest of the market, as its volume only started picking up in early June 2020.
It has to be said, this pegged asset has seen some intriguing volume spikes already. On one day, it even recorded nearly $16 billion worth of USDC being transferred. Subsequent peaks have been a fair bit lower, but the overall uptrend remains in place. Any asset capable of handling $4 billion in volume per day is worth paying attention to.
For now, the primary trading markets for USDC are tied to Bitcoin, Ethereum, and USDT. The conversion to and from one stablecoin to the next is a peculiar option, yet many people seem willing to explore it. Every currency pegged to a fiat value can have its benefits and drawbacks. Exploring different options can provide access to better market prices or new services, among other things.