Exploring USDC: The World’s Second Largest Stable Coin.

In May of 2022, USDC reached a $55 billion market valuation,flipping Tether(USDT)by daily volume — for the first time!

Olayimika Oyebanji
4 min readOct 9, 2022

USD Coin (USDC) is a digital asset known as stable coin. Stable coins are cryptocurrencies backed by a physical asset asset such as the U.S. dollars, and they are a viable hedge against the volatility of the cryptocurrency market. In other words, stable coins are a better alternative to holding volatile cryptocurrencies thanks to their parity to fiat.

DAI, Tether(USDT), USDC , Binance USD are the most popular of the 200 stable coins that exist today. Ten month after it marked its $40 billion milestone, USDC has become one of the world’s largest stable coins with a market cap of $40.61 billion. According to CoinMarketCap, transactions in stable coins are worth over $5.5 billion a day.

Every USD Coin is pegged to $1 USD and has a minimal market fluctuation. USDC’s regulatory edge, its relatively stable value and the drop in Tether’s market capitalisation are the reasons why many investors think it has the potential to topple Tether(USDT)in 2022.


The USD Coin(USDC)was introduced in 2018 by a financial technology business called Centre through a partnership between the cryptocurrency exchange Coinbase and the crypto payments firm Circle.

As a financial technology business Center is mostly in charge of managing the USD Coin. By integrating every individual, business, financial service, and currency internationally, the Centre seeks to transform the financial landscape around the world.

USDC is not authorized by the U.S. government despite its close affiliation to USD and its token standard on the Ethereum blockchain is ERC-20. At the time of writing, the USD Coin price is $1 USD, and there was $11,970,558,691 USD value of trades throughout the course of the day.

The demand for steady value assets like USDC declines during bullish market periods. As a result, the value of USDC and other stable-coins backed by the US dollar drops below $1. However, the USD coin has generally remained stable at $1 for an extended period of time.

All Time High(ATH)

On May 8, 2019, USD Coin reached an all-time high of $1.0311. With 9,257 active markets and 37% open volume over the past day, USD Coin has seen the most activity in the trading pairs ETH ($1.36B), BTC ($1.36B), and USDT ($916.02M).

All Time Low(ATL)

USD Coin had an all time low of $0.891848 on May 19, 2021.


USDC is a digital dollar that is now available in more than 85 countries around the world. Sending USDC to close friends, making purchases and holding them as financial assets are all possible with this digital currency.

USDC’s vision is to become a global ecosystem that services both conventional and cryptocurrency transactions. Its core utility for crypto users is that it provides a safe heaven for their stash and offers a viable payment alternative to cryptocurrencies.

Stable coins give market players the ability to price assets in a standard currency, settle transactions practically instantly, and retain assets on the chain with less market fluctuation risk.

Furthermore, the adoption of USDC by various multiple chains is stimulating contributed to its expansion within the crypto community. It is increasingly replacing other stablecoins as the industry standard across the entire blockchain ecosystem, including Layer 1 networks, branched chains, and Layer 2 networks.


More than 30% of the total supplyof USDC is distributed between Defi platforms and Decentralized Exchanges, making USDC has emerged as the most widely used stable coin in the web3 ecosystem.


Coinbase is the major cryptocurrency exchange that is at the forefront of expanding the reach of USDC. In 2019, it announced the availability of USDC in 85 countries in a bid to internationalise its services.

Coinbase offers multi-chain support, zero fee for storage, and a straightforward acquisition process, allowing developers to use USDC for their decentralized applications, services, and networks.

Coinbase users can now can receive rewards on their assets and pay no fees when buying USDC on Coinbase and other resourced crypto based platforms.

Benefits Of USDC

Blockchain Technology

Leveraging blockchain technology offers USDC multiple benefits which include: speed, scalability and security.

Reliable Value

USDC is primarily powered by fiat and has a 1:1 peg to the US dollar. In contrast to other cryptocurrencies, it has a less volatile movement.

Ease Of Acquisition

Buying USDC on the Ethereum network is a hassle-free process.


USDC has recorded several milestones since its invention in 2018.


In September 2021, USDC reached a $30 billion market capitalisation as a major milestone.


In 2019, Coinbase announced a partnership with USDC which saw the expansion of USDC services into several countries.


VISA added USDC to its payment platform in 2021. This brought it to the vast attention of investors within and outside the crypto community as a viable digital dollar for conventional and crypto transactions.



Olayimika Oyebanji

A seasoned blockchain technology writer and a DAO consultant. @DomainDAO @MoonDAO @StonerDAO @SolPunksDAO @RealPyramid @Insydin @Solpunks @Vegas