Company
Date Published
Author
Josh Hawkins
Word count
456
Language
English
Hacker News points
None

Summary

USD Coin (USDC), co-founded by Coinbase and Circle under the Centre Consortium, has seen its global market cap surpass $2 billion, doubling in size over two months, with on-chain transaction volume exceeding $115 billion since its 2018 launch. The stablecoin's growing demand is attributed to its reliability, security, and backing by regulated financial institutions, alongside benefits such as near-instant settlement and low-cost, interoperable transactions. As global economic conditions challenge many traditional currencies, USDC offers a stable alternative, becoming crucial in crypto trading, DeFi/CeFi lending, and diverse industry applications, including banking, fintech, and digital securities. These trends reflect an increased adoption of Circle's business account and platform APIs, facilitating the development of innovative financial services aimed at enhancing global economic prosperity through programmable internet commerce.