Circle’s Usdc Stablecoin Deployed On Avalanche Blockchain

Basic financial products that let people do recognizable financial work but in a decentralized way, like Compound, Synthetix, Cover and dYdX, might be the arms that make our warrior strong. Ethereum itself would be — obviously — the heart, while long term plays — like Yearn, Convex and Index Co-op — might be thought of as the left brain and NFTs and crypto hijinks as the right brain. So, its two fists might be Uniswap and Curve, the decentralized exchanges that are letting people put their resources behind a lot of ideas and move them around quickly as one fades and another looks promising. With USDC, moving money from one wallet to another becomes as easy as using standard API calls.

• Also like Tether, Circle has abandoned any claim that USDC is backed entirely by cash.
• Sign-up to receive the latest news and price data for USD Coin and its competitors with MarketBeat’s CryptoBeat newsletter.
• This means the price could be pushed around by unscrupulous actors, or just that the prices is likely to be very unpredictable.
• The news marks another boost for Avalanche’s stablecoin diversity push following Tether’s launch of its USDT stablecoin in November, as well as e-Money’s suite of interest-bearing, fiat-backed stablecoins earlier in the year.
• Our calculations are based on comprehensive, delayed quotes.
• Circle announced today that it would be launching USDC on the Avalanche C-Chain.

Put simply, USD Coin’s mantra is “digital money for the digital age” — and the stablecoin is designed for a world where cashless transactions are becoming more common. As a result, BTC fell to just over $46,000 once again hours later. Since then, though, the cryptocurrency has gone on the offensive and spiked to an intraday high of almost $49,000. The past several days didn’t go well for the primary cryptocurrency. It struggled with the coveted $50,000 line, and the most recent rejection on December 12th pushed it south hard. Bitcoin reacted well to the most recent price slump and jumped by a few thousand dollars to above $48,000 as of now. Most altcoins are also in the green today, with Avalanche standing as one of the biggest gainers with a 15% daily increase.

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The cryptocurrency company will merge with Concord Acquisition Corp, a SPAC. Circle is better known as one of the founding members of the Centre consortium with Coinbase. Along with other crypto partners, they have issued USD Coin , a popular stablecoin. Tether has already shown why these attestations are worthless as proof of reserves. The Short-Term Technical Ranking evaluates a cryptocurrency’s trading over the past month.

It launched an over-the-counter trading desk for big cryptocurrency investors. While the sheer size of the Tether and USDT scheme makes them lightning rod for stablecoin criticism, they aren’t the only stablecoin. The second biggest is USD Coin , and its $26.59 billion market cap is fast catching up to USDT’s $62.09 billion. What this should mean is that the operators of USDC should have $26.59 billion in reserve assets available to support the USDC in circulation; in theory, it’s worth US$26.59 billion, but more on that shortly.

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As of the time of publication, the last attested month was for April 2021—and even that is dated June 9, 2021. If Tether is a concern, then USDC, which is run by Centre and Coinbase’s Circle, undoubtedly is, too. With the now-public Coinbase’s fate suddenly tied up in both—and with the announcement that Circle will be going public later this year—an enormous amount of other people’s money is at stake. Tether and USDT have been a lightning rod for stablecoin criticism. As the longest-surviving, it’s by far the largest which also means the question of whether each coin is backed is highly important.

In terms of a bump in volume experienced by chains that add USDC, Reginatto said it typically takes a transition period to get everything working, as well as getting market makers on board and supply circulating. Sandbox price failed to breakout higher after consolidating between two levels recently.

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Our new program has been designed to meet the needs of high volume trading firms, crypto exchanges and market makers. A brief technical and on-chain analysis on Decentraland price. Circle’s launch of its stablecoin signals the firm’s push in the DeFi ecosystem. The arrival of USDC on Avalanche blockchain makes it lucrative for other dApps to launch their projects in the ecosystem. The DeFi ecosystem’s total value locked on Avalanche has grown over 30-fold over the past five months.

As a result, SAND is retracing to a crucial support level and is likely to continue heading lower. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. USDC’s arrival on Avalanche could trigger a bull run in the token. Analysts are bullish on Avalanche price and have predicted $91 and $142 as the token’s next two fibonnaci extension targets. Proponents are bullish on Avalanche price and set a $91 fibonacci extension target for the token. Still, one has to keep in mind that DeFi’s applications are hyper-interconnected, and that is why it’s helpful to think of DeFi as one body, as a rebel warrior, albeit with some neat, cutting edge armor and an excellent physique.

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Justin Sun, the founder of Tron has announced his retirement from the altcoin’s foundation, claiming that TRX is now completely decentralized. Michaël van de Poppe, cryptocurrency analyst and YouTuber, expects Avalanche to resume its uptrend and rally 10% to the $91 target. Circle has launched its stablecoin USD Coin on Avalanche to push more dApps to launch on the blockchain. Because USDC is almost always equal to $1, you don’t have to time the market to buy your USD Coins.

Bitcoin price has been hanging around the $50,000 psychological level for quite some time. A breakdown of one crucial support barrier is likely to trigger a steep crash for BTC. On-chain metrics are also suggesting that long-term holders are booking profits, anticipating a nosedive. Ripple price still sees bullish momentum building as $0.8390 is tested.

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Overall, the goal is to create an ecosystem where USDC is accepted by as many wallets, exchanges, service providers and dApps as possible. Ethereum dumped below $4,000 for the second time since the start of the month. Although it’s now up by 2% in a day, the second-largest crypto is still well beneath that line. AVAX, the native token of the Avalanche blockchain, is up 16.2% in the last 24 hours, leading the charge in the reviving markets. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Cross-chain swaps let you exchange cryptocurrencies across different blockchains. As part of the announcement, Circle stated that USDC support on Avalanche could empower more developers to build eco-friendly decentralized finance applications.

• Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes.
• Coinbase ended its potentially promising high-yielding Lend platform on USD Coin a few months ago, so the most you can earn on the platform is 0.15% in annualized interest.
• As we’ve previously reported, Curve is an extremely important protocol to DeFi’s yield seekers.
• Allaire believes that the details on a bank charter for a crypto company might need to get worked out over time with both the FDIC and other agencies that oversee banks.
• If something should go wrong it’s especially scary in crypto because all the technology places extremely high value on finality, that a thing is done once it’s done.

Wu said the addition of native USDC to Avalanche will likely “turbocharge” the amount of DeFi already happening on the network. He pointed out that there is around $1.3 billion passing across the USDC bridge to Avalanche, which is more than the amount being bridged across tether , currently the highest-volume stablecoin in circulation.

Avalanche is among the market’s biggest gainers following the platform’s integration with the USDC stablecoin. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Crypto.com — the exchange that made waves this week by securing the naming rights for Staples Center in Los Angeles — has tiered rates on USDC depending on how much you have and how long you’re letting Crypto.com use it. It can earn as little as 6% for less than $400 that can be withdrawn at any time, and up to 10% if you are willing to lock it up for at least three months.

USDC accounts for a third of the stablecoin supply in the crypto ecosystem, and its adoption is growing fast. The total value locked, similar to market capitalization for DeFi applications, has increased over thirtyfold for dApps on the Avalanche blockchain since August 2021. The growth of the DeFi ecosystem on Avalanche received a boost from the network’s «Avalanche Rush» initiative, the $180 million incentive program. But Circle’s most promising product has been its stablecoin — USD Coin, or USDC for short.

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Merging with a SPAC has become a popular way to become a publicly listed company for tech companies. Check out CoinGeek’sBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain. Well, between 2018 and September 2020, the number of USDC in circulation grew from 0 to $1.5 billion.

The stablecoin market has become exceedingly crowded over recent years — but USD Coin has aimed to stand head and shoulders over competitors in several ways. Change the wallet network in the MetaMask Application to add this contract.

Coinbase has a dedicated wallet application that’s great for storing your cryptocurrency. You What is USD Coin can store Bitcoin, Ethereum, USDC and several other assets on the wallet’s mobile app.

There is currently more than $34 billion of USDC in circulation. From Boston to London to Seoul to Buenos Aires to Jakarta to Mumbai, here’s the future of how money moves. As Cointelegraph reported, the Biden administration’s proposal aims to create a new “special-purpose charter” for stablecoin issuers, putting them in the same category as banks. Allaire believes that the details on a bank charter for a crypto company might need to get worked out over time with both the FDIC and other agencies that oversee banks.

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While the price of USDC doesn’t fluctuate more than a percentage point in either direction, the number of USDC has increased significantly. Our team is diligently working to keep up with trends in the crypto markets.

Author: Frances Yue