Bitcoin Bull Market Continues as USDC Treasury Mints Another $10M
The USDC Treasury has just minted another 10,000,000 USD Coin on Ethereum — which will be entering the cryptocurrency market shortly.
Fresh purchasing power will soon be on the market as the USDC Treasury has minted another batch of its stablecoin. The second-largest stablecoin will be issuing another $10M in digital fiat as the market turns green, yet again.
10,000,000 USDC Issued on Ethereum
The news was reported first by Whale Alert (@whale_alert).
Reactions to the minting were largely positive, with most expecting it to provide a boost to the ongoing rally.
10,000,000 #USDC (10,000,000 USD) minted at USDC Treasury — Whale Alert (@whale_alert) February 12, 2020
Bitcoin (BTC) has maintained its position well above the $10,000 price point and is currently up +5.51 percent on the daily. It is trading around the $10,300 level.
The latest minting is also on Ethereum, which has become the de facto platform-of-choice for stablecoins. As BeInCrypto reported on earlier this month, “Ethereum’s economy is now dominated by stable value transfer.” As of February 1, stablecoin ERC20 tokens on Ethereum have overtaken ETH itself in terms of total value transferred daily.
Many hope that the issuing of more stablecoins on Ethereum will stabilize its value in the long run.
Ethereum made a strong upward move in the last 24H and is currently up +15 percent, trading for around $252.
Stablecoins Poised to Grow Reserves This Year
USDC has seen significant activity in 2020, thus far.
January saw multiple batches of USDC mintings, as BeInCrypto reported on previously. For example, January 22 saw $13M in USDC minted at the Treasury. Another $20M was minted on January 16, as well.
Altogether, USDC hopes to someday compete with Tether (USDT) — but it currently boasts just a fraction of its market capitalization. The Coinbase-backed stablecoin has tried to boost its visibility by offering interest-based gains for HODL’rs.
Whether or not USD Coin can someday eclipse Tether remains to be seen, but we can expect more stablecoins to enter the picture as the year goes on.
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