Another $13M will be entering the cryptocurrency market shortly as USDC Treasury prints another fresh batch of the asset. The stablecoin is on track to exceed the amount of USDC it minted last month.
Bitcoin Bulls Look to Regain Momentum with Fresh Money
The new money was reported by Whale Alert (@whale_alert), which picked up on the minting earlier today.
13,000,000 #USDC (13,000,000 USD) minted at USDC Treasury
— Whale Alert (@whale_alert) January 22, 2020
The responses to the fresh money have been optimistic, with many seeing it as a sign that the market may be turning bullish. As one user (@InNegev) writes, “Long everything.” Others seemed to agree.
— Banker Coin Maximalist
(@BCMaximalist) January 22, 2020
Pump it pic.twitter.com/8tZTtiXEuT
— Triston Overton (@overton_triston) January 22, 2020
Whether or not this 13M USDC will impact the market remains to be seen. At the time of writing, Bitcoin remains stable at the $8,600 price point where it has sat for the past few days.
USDC Starts 2020 With High Activity
USDC Treasury has been surprisingly active thus far in 2020. Just six days ago, the treasury minted another $20M USDC, as reported by BeInCrypto. This comes after the world’s second-largest cryptocurrency had a surprisingly active end-of-2019, with December being one of its most active months in a long time. Over $33M in the stablecoin was minted that month, but it is looking like January might see more.
The rise of USDC has been exceptionally fast compared to other stablecoins. It assumed the second-largest position by market capitalization in under three months. Circle and Coinbase back the project. Its proponents claim that it’s far safer and more transparent than Tether (USDT), which has faced persistent criticism over its USD backing. USD Coin, however, has a long way to go if it watches to catch up to Tether’s multi-billion dollar market capitalization. At the time of writing, USDC is worth around $453M, but this has been steadily rising since last year.