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Bitcoin (BTC)
$ 103,700.73 386.97 (% 0.37)
Ethereum (ETH)
$ 2,579.15 43.75 (% 1.73)
XRP (XRP)
$ 2.404841 -0.022190 (% -0.91)
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Binance Coin (BNB)
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TRON
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Litecoin (LTC)
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Stellar (XLM)
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Bitcoin Cash (BCH)
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Ethereum Classic (ETC)
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Cosmos (ATOM)
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Holo (HOLO)
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NEO (NEO)
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Tezos (XTZ)
$ 0.643258 0.005270 (% 0.83)
Basic Attention Token (BAT)
$ 0.151596 -0.002123 (% -1.38)
Dash (DASH)
$ 23.65 -0.38 (% -1.57)
Bitcoin (BTC)
$ 103,700.73 386.97 (% 0.37)
Ethereum (ETH)
$ 2,579.15 43.75 (% 1.73)
XRP (XRP)
$ 2.404841 -0.022190 (% -0.91)
Tether (USDT)
$ 1.00 0 (% 0)
Binance Coin (BNB)
$ 648.60 -4.79 (% -0.73)
Cardano (ADA)
$ 0.767740 0.001641 (% 0.21)
TRON
$ 0.273601 0.000301 (% 0.11)
Litecoin (LTC)
$ 99.93 0.26 (% 0.26)
EOS (EOS)
$ 0.84 0.06 (% 7.18)
Stellar (XLM)
$ 0.29522 0.00226 (% 0.77)
Bitcoin Cash (BCH)
$ 399.96 4.71 (% 1.19)
Ethereum Classic (ETC)
$ 18.866505 0.026322 (% 0.14)
Cosmos (ATOM)
$ 4.88 0 (% -0.09)
Holo (HOLO)
$ 0.003539 0.000008 (% 0.23)
NEO (NEO)
$ 6.73 -0.01 (% -0.10)
Tezos (XTZ)
$ 0.643258 0.005270 (% 0.83)
Basic Attention Token (BAT)
$ 0.151596 -0.002123 (% -1.38)
Dash (DASH)
$ 23.65 -0.38 (% -1.57)

Coinbase And Circle Look For USDC Boost Amid Declining Supply

Coinbase and Circle are planning to expand the coin in more jurisdictions, expand to new chains and strike further institutional deals.

Coinbase And Circle Look For USDC Boost Amid Declining Supply

Last Tuesday we took a temperature check of the stablecoin market following the news that PayPal would partner with crypto firm Paxos on its new U.S. dollar-pegged cryptocurrency. 

This week brought additional developments from the stablecoin space, with the news that Coinbase would take a minority stake in stablecoin provider issuer Circle. Circle, meanwhile, would take full control of USDC's governance. 

(To be clear, apparently Coinbase did not purchase its stake. The firm's corporate communications liaisons have emphasized that it was granted equity after the consortium behind USDC shuttered.)

Like last week, we will take a bit of a journey down Memory Lane. Coinbase and Circle announced USDC at Money 20/20 in 2018 with the original ambition to build out a consortium of members contributing to the crypto (similar to the Libra scheme before it was shuttered by regulators). USDC grew slowly at first, breaching $1 billion in total supply about 2 years after it first launched. Traders flocked to the coin during so-called "DeFi Summer" as a means to earn yield and seamlessly move funds between different protocols. Its breakneck growth, which brought supply to near $50 billion in 2022, began to decline as the 2022-2023 crypto winter set in, and then further declines were witnessed after a de-pegging event this past spring. 

 

Source: theblock.co