More Than 5.5 Billion USDC Has Been Moved оn-Chain

More than 5.5 billion USD Coin (USDC) tokens have been moved on-chain as of January 31, 2019, according to a report published by the Centre consortium.

The Centre consortium was established by crypto finance firm Circle and United States-based crypto exchange Coinbase. USDC is a U.S. dollar-backed stablecoin released by Coinbase and Circle in the last quarter of last year.

The report said that by the end of January 2019, more than 86,000 transactions have been finished on the chain. The document also said that over 550 million units of the stablecoin have been issued by the said date, out of which almost 250 million have been transferred into fiat currency by retail and institutional users.

According to the document, more than 8,000 Ethereum addresses keep USDC tokens and over 1.6 billion units of the stablecoin have been traded on cryptocurrency exchanges.

USDC is an ERC20 token on the Ethereum (ETH) blockchain. In addition, according to data from CoinMarketCap USDC is the twentieth top cryptocurrency by market capitalization.

In December 2018, the Paxos Standard (PAX) stablecoin surpassed $5 billion worth of transaction volumes.

According to a report, the adoption of all stablecoins is increasing based on the rising number of on-chain transactions, and the four major stablecoins have already broken past the $5 billion mark in on-chain transactions within the three-month period.