Just as over $3 billion was minted in one fell swoop, more USD Coin (USDC) was printed on April 30 than at any time in the dollar-backed stablecoin’s existence
It is important to note that whenever a customer exchanges their US dollars for stablecoinm new USD coins are minted and on Friday, the influx was estimated to be over 26% market cap at the time being.
Coinciding with a surging altcoin market, evidenced by Bitcoin’s (BTC) descent to its lowest market cap dominance in two and a half years, there was the sudden arrival of $3 billion worth of USDC into the cryptocurrency market.
Bitcoin’s dominance of 47.79% on Friday was the lowest since August 2018, as Ethereum (ETH), Binance Smart Chain (BSC), Cardano (ADA) and others saw their own market cap presence swell massively since the turn of the year. In early January, Bitcoin’s dominance was perched at over 70%, and has been on a steady decline since.
The value of USD Coin in circulation jumped from $11 billion to almost $14.4 billion on Friday, meaning USD Coin now has a market cap worth 28% of the most utilized stablecoin, Tether (USDT), of which over 50 billion are in circulation. In August 2020, USD Coin held a market cap worth just one tenth that of Tether, suggesting traders have found a definite use for USDC, perhaps at the expense of USDT.