Coinbase recently celebrated the one-year anniversary release of its own stablecoin called USDC. It is currently the second-largest stablecoin in the world with over $1B issued.
Stablecoins have exploded in trading volume this year. The largest stablecoin Tether (USDT) consistently boasts a higher trading volume than Bitcoin. BTC is still king in the cryptocurrency market, but it is slowly losing its dominance among trading pairs thanks to stablecoin competition.
One competitor to Tether, however, is making inroads and recently hit a milestone. Coinbase’s own USDC recently hit its $1B in issuance and is currently the world’s second-largest stablecoin. The dollar-backed token was created by both Coinbase and Circle, one of the largest blockchain startups in the U.S. The stablecoin is, as of today, one year old. USDC’s rise is largely due to two factors. Firstly, there is a serious need for alternatives to Tether (USDT). Tether has been embroiled in controversy for years now and it is facing serious charges from the New York Attorney General. Tether, effectively, is not backed by the amounts of USD that they claim and its co-founder even admitted as much in a recent interview. So, it’s no surprise that USDC is gaining ground given the controversies surrounding USDT.1 year ago, a small but relentlessly motivated squad of developers, designers and PMs at @Coinbase and @CirclePay launched USDC.
— Zach Segal (@zosegal) September 27, 2019
Today, it's the 2nd largest stablecoin in the world with over $1B issued. What a journey, and it's only the beginning! https://t.co/u3OSNptmsf pic.twitter.com/d5rYirr4bd

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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital...
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital...
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