The total market value of USDC Coin (USDC) steleholders in circulation passed the $3 billion mark, five times higher than at the beginning of the year.
Since its launch in 2018, USDC has executed over $230 billion worth of transactions, and as Jeremy Allier, CEO of Circle’s USDC issuer, is convinced, it is only a matter of time before a $1 trillion capitalisation is achieved.
According to him, achieving this milestone has been facilitated by the dramatic expansion of USDC scenarios and the growing support for the protocol by hundreds of different companies and institutional investors, as well as a large number of users.
According to Allair, the Centre’s consortium of issuers focused on working with the entire ecosystem – wallets, exchanges, decentralized finance services.
Today, USDC is used in borrowing and lending operations, trade Bitcoin Revolution finance, corporate treasury, security-tokens, and serves as a “safe digital dollar” for people in Latin America, Asia and Africa.
The Centre blog says that business and financial institutions in USDC attract instant settlement, low-cost global and interchangeable transactions, their irreversibility, lower counterparty risk and 24/7 availability.
Allaire believes that the time has come for National Digital Currency Standards (CBDC) and Stabilcoin Standards to be more actively implemented in the business models of financial institutions and banks. Further adoption of the Bitcoin will be closely linked to the integration of stable coins into the financial system.
CEO Circle believes that USDC will become more common in financial contracts, token funds and “new” asset markets such as CeFi and DeFi.
Allair sees the possibility of adding USDC support to popular digital wallets around the world, which will increase the number of users to several billion. Companies can more actively include stablcoin in smart contracts, in trading and blockage-based settlements. All this gives good prerequisites for growth in capitalisation to $1 trillion, he is convinced.
CEO Circle also called on US President-elect Joe Biden not to create barriers to innovation. He asked the others to fight to keep the economic infrastructure open, uncensored and decentralized.
In early December, the Visa global payment network joined USDC. In the future, this will make it possible to issue cards with the ability to directly accept as payment this stelecoin.
Almost at the same time, a bill was submitted to the U.S. Senate, which obliges the issuers of stablecoin to obtain banking licenses and regulatory approval. Allair called it “a huge step backwards”.