{"id":29493,"date":"2020-09-17T08:42:00","date_gmt":"2020-09-17T06:42:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=29493"},"modified":"2020-09-17T08:42:00","modified_gmt":"2020-09-17T06:42:00","slug":"usdcs-market-cap-reaches-2-billion-coinbase-issues-a-request-for-startups","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/usdcs-market-cap-reaches-2-billion-coinbase-issues-a-request-for-startups\/","title":{"rendered":"USDC\u2019s Market Cap Reaches $2 Billion, Coinbase Issues a \u201cRequest for Startups\u201d"},"content":{"rendered":"
The market cap of USD Coin (USDC), a leading fully-backed, regulated stablecoin issued by Coinbase and Circle-established Centre Consortium<\/a>, has now crossed the $2 million mark in just two months after reaching $1 billion.<\/p>\n <\/p>\n Celebrating the milestone, Coinbase has issued a \u201cRequest for Startups\u201d to join it to fulfill its mission of creating an open financial system with greater access and inclusion for all.<\/p>\n USDC has achieved this milestone in just 23 months after it was initially launched in late 2018. As reported, the coin\u2019s market cap surpassed $1 million on July 2, 2020. Now after 2 months, USDC is standing at the $2 billion milestone. According to CoinMarketCap, USDC is now ranked at number 14 with a market cap<\/a> of $2.07 billion.<\/p>\n According to Centre Consortium, the recent DeFi<\/a> bubble and COVID-19 pandemic led to increased demand for stablecoins.<\/strong> This increased demand is the main driving force behind this staggering growth of USDC.<\/p>\n <\/p>\n In a publication<\/a>, Josh Hawkins, SVP of Global Corporate Communications at Circle, giving the reason for USDC growth, wrote:<\/p>\n \u201cCrypto trading, which helped bootstrap early growth of stablecoins, now relies on digital dollars as a critical piece of market infrastructure, spanning an incredibly diverse set of trading and hedging use cases. And, this is not to mention the white-hot DeFi\/CeFi lending and credit markets, which have come to represent one of the strongest and fastest-growing sources of USDC demand on a global basis.\u201d<\/em><\/p>\n But despite this rapid growth, USDC is still lagging far behind Tether (USDT), which is ranked at number 3 with a market cap surpassed $15 billion. In the last two months, while the USDC reached $2 billion from $1 billion, USDT went up from $10 billion to $15 billion. But given the age of two stablecoin, this is impressive growth for USDC. Tether (USDT) was launched in 2014 while USDC at the end of 2018.<\/p>\n Celebrating the moment, Coinbase has issued a \u201cRequest for Startups\u201d to join the world\u2019s leading crypto organization for the creation of an open financial system for the world. <\/strong><\/p>\n