The USDC Treasury Department has just minted another $ 10 million coin on Ethereum – which is about to enter the cryptocurrency market.
New purchasing power will soon hit the market as the USDC Treasury Department minted another batch of its stablecoin. The second largest stablecoin will spend another $ 10 million in digital fiat when the market turns green again.
10,000,000 USDC spent on Ethereum
The message was first reported by Whale Alert (@whale_alert).
The reactions to the coinage have been largely positive, and most expected it to fuel the ongoing rally.
10,000,000 #USDC (10,000,000 USD) minted in USDC Treasury
10,000,000 #USDC (10,000,000 USD) minted in USDC TreasuryTx: https://t.co/fO38wzJhrg
– Whale Alert (@whale_alert) February 12, 2020
Bitcoin (BTC) has held its position well above the price of $ 10,000 and is currently +5.51 percent above the daily price. It’s around the $ 10,300 level.
The latest minting is also taking place on Ethereum, which has de facto become the preferred platform for stablecoins. As BeInCrypto reported earlier this month, “Ethereum’s economy is now dominated by stable value transfer.” As of February 1, the StableCoin ERC20 tokens on Ethereum have overtaken ETH itself in terms of the total value transferred daily.
Many hope that issuing more stable coins on Ethereum will stabilize their value in the long run.
Ethereum has seen a strong upward trend for the past 24 hours and is currently up +15 percent and trading for around $ 252.
Stable coins ready to add reserves this year
USDC has seen significant activity so far in 2020.
There were multiple batches of USDC coinage in January, as BeInCrypto previously reported. For example, on January 22nd, USDC for $ 13 million was minted at the Treasury Department. Another $ 20 million was also minted on January 16.
Overall, USDC hopes to compete with Tether (USDT) one day – but currently it only has a fraction of its market cap. Coinbase-backed stablecoin has tried to improve its visibility by offering interest-based profits for HODL’rs.
Whether or not USD Coin can someday dwarf Tether remains to be seen, but we can expect more stable coins to come into play as the year progresses.
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