
USDC Milestone Highlights Stablecoin Growth
Circle’s USDC stablecoin reaches $16 trillion in total volume, with the Solana blockchain emerging as a key factor in its rapid expansion.
Circle’s USDC stablecoin reaches $16 trillion in total volume, with the Solana blockchain emerging as a key factor in its rapid expansion.
KuCoin, a US-based crypto exchange, has introduced USDC deposits on the Polkadot network, marking a significant step in Polkadot’s DeFi ecosystem development and USDC’s multi-chain expansion.
Ripple has begun testing its new stablecoin, Ripple USD (RLUSD), on the Ethereum mainnet and XRP Ledger, aiming to enter the growing stablecoin market pending regulatory approval.
Tether’s USDT stablecoin has reached a market capitalization of $115 billion, reinforcing its dominance in the stablecoin market and signaling increased adoption in the cryptocurrency ecosystem.
The Basel Committee’s amended Crypto Asset Standard favors permissioned stablecoins, potentially reshaping the market and drawing criticism from the crypto community for favoring traditional banks.
Consumers’ Research has launched a campaign against Tether, accusing the stablecoin issuer of being a threat to consumers and raising concerns about its potential to become the next FTX. The accusations include ties to the fallen FTX exchange, facilitating criminal activities, and a decade-long refusal to conduct a full audit.
Despite strong demand for Bitcoin from institutional investors and long-term holders, Bitcoin’s price has yet to experience a significant rally, according to a recent report by CryptoQuant. The report cites slowing growth in the market capitalization of the stablecoin Tether (USDT) as a potential factor impeding a price rally.
XRP’s price fell by around 4% on Friday after Ripple allegedly moved 200 million XRP tokens to an unknown wallet, fueling suspicions within the crypto community about the company’s intentions for its native token.
XRP experienced a slight decline on Wednesday, partially reversing Tuesday’s gains. Meanwhile, Ripple President Monica Long discussed increased institutional interest in digital assets, the company’s plans to launch a US dollar stablecoin, and the potential for XRP-spot ETFs.
To circumvent international sanctions and facilitate cross-border transactions with Chinese counterparts, Russian companies are increasingly turning to stablecoins like Tether (USDT), leveraging their speed, cost-efficiency, and ability to bypass traditional banking channels.