The USDC on the Avalanche has passed the $1 billion mark. The second-largest stablecoin in the crypto market, USD Coin (USDC), has increased its supply on the high-performance blockchain Avalanche (AVAX).
Mr. Jeremy Allaire, CEO and creator of digital payments behemoth Circle Inc., took to Twitter to announce the company’s flagship product, USDC, had reached a new milestone. Its circulating supply of Avalanche (AVAX) reached the 10-digit zone for the first time yesterday, April 7, 2022. Mr. Allaire emphasised how significant this achievement is for both Avalanche (AVAX) and USD Coin (USDC).
By the second quarter of 2022, Circle had implemented USDC contracts on eight blockchains, including Ethereum (ETH), Tron (TRX), Solana (SOL), Algorand (ALGO), Alavanche (AVAX), Hedera (HBAR), Stellar (XLM), and Flow (FLOW). The Avalanche (AVAX) ecosystem is gaining popularity as a home for stablecoins: it supports USDT, FRAX, TSD, UST, MIM, and other USD-pegged assets natively. The circulating supply of USDC currently surpasses $51 billion. It has a chance to surpass two-thirds of the market cap amassed by its main competitor, USD Tether, for the first time ever (USDT).
The market capitalization of USDT is $82.5 billion. Tether uses Ethereum (ETH) for the majority of its transactions, but it also uses EOS, Algorand (ALGO), Avalanche (AVAX), Tron (TRX), Bitcoin’s Liquid, Solana (SOL), Omni, and Bitcoin Cash’s SLP. Terra USD (UST), the largest decentralised stablecoin, is just $1 billion away from surpassing Binance USD (BUSD), the third largest stablecoin in terms of market capitalization.
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