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Tag: USDC

  • USDT Leads $300B Stablecoin Surge Amid Record-Breaking Q3 Crypto Activity

    Q3 2025, historically quiet, became the most active stablecoin period due to regulatory breakthroughs and investor interest.

    The total market capitalization of stablecoins has exceeded $300 billion for the first time in history this week. Genius Act and SEC accounting guidance have significantly boosted confidence in stablecoins.

    This, in turn, drove institutional and retail adoption in 2025.

    $300B Milestone

    According to DeFiLlama, Tether (USDT) remains the dominant stablecoin as it accounts for 58.52% of the market with a valuation of $176.241 billion.  Circle’s USD Coin (USDC) follows with a market capitalization of more than $74 billion, while USDe, the third-largest yield-bearing stablecoin, holds $14.83 billion.

    The milestone indicates the growing prominence of stablecoins in the broader cryptocurrency ecosystem, and comes amidst market-wide recovery after a volatile week.

    Historically, Q3 is quieter for crypto, but 2025 reversed that trend and ended up becoming a record-breaking period for stablecoins. Activity surged thanks to both regulatory clarity and growing user engagement. A report by Cex.io revealed that Google searches for “stablecoin” spiked following landmark announcements.

    For instance, the US enacted the Genius Act, while the Securities and Exchange Commission (SEC) issued new accounting guidance, which classified USD-pegged stablecoins as cash equivalents. These regulatory developments boosted trust among both institutional and retail participants.

    Impact On USD’s Global Role

    The rapid growth of the stablecoin market is significantly influencing the global role of the US dollar, according to John Murillo, Chief Business Officer of B2BROKER. In a statement to CryptoPotato, Murillo said that this surge is partly due to last month’s slow momentum in major cryptocurrencies like Bitcoin and Ether, which prompted investors and users to turn to dollar-pegged stablecoins.

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    He explained,

    “With it, the global footprint of the US dollar has certainly deepened, because around 98% of all stablecoins are directly or indirectly dollar-pegged. This has been, for better or worse, embedding USD into decentralized finance, cross-border payments while helping stabilize many inflation-hit economies. In regions like Nigeria and Venezuela, digital dollars now circulate more freely than local currencies, extending the dollar’s dominance into the digital realm.”

    However, Murillo warns that this growth carries systemic risks. The exec added that stablecoins typically operate outside conventional banking regulations, which raises questions about reserve transparency, liquidity vulnerabilities, and regulatory gaps. A sudden loss of confidence, whether from unclear backing or platform failures, could, in fact, destabilize both crypto markets and traditional fiat systems.

    Additionally, as stablecoins increasingly operate within decentralized networks, they begin to function independently of US institutions, which potentially limits Washington’s direct control over monetary influence.

    “The dollar remains dominant in form, but increasingly contested in function.”

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  • XRP Price At $23, Dogecoin To $2, And Solana At $1,800? Analyst Unveils 2026 Predictions

    Crypto analyst Borovik has unveiled his 2026 bullish predictions for the XRP price, Dogecoin, and Solana. This comes as these three altcoins stand out in the ongoing crypto market rally, recording notable gains. 

    Analyst Reveals 2026 Prediction For XRP, Dogecoin, and Solana

    In an X post, Borovik predicted that the XRP price will rally to $23, Dogecoin to $2, and Solana to $1,800 in 2026. He also made predictions for other major coins like Bitcoin, Ethereum, BNB, and TRX. The analyst expects BTC to rally to $896,503, ETH to $35,000, BNB to $7,000, and TRX to $2.7. 

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    However, the analyst didn’t provide any basis for why the XRP price, Dogecoin, Solana, and these other coins could rally to these ambitious targets. Notably, these coins are currently the top 9 largest cryptos by market cap, excluding stablecoins USDT and USDC. These coins are also currently recording notable gains amid the recent crypto market rally. 

    Source: Chart from Borovik on X

    The XRP price has reclaimed the psychological $3 level and now looks set to retest higher resistance levels and possibly flip them into support. Dogecoin has also reached its most recent local high of $0.28 and is now looking to hit the $0.30 level. Solana surpassed $240 yesterday, reaching this level for the first time since January. 

    Fundamentals have played a role in driving this rally for the XRP price, Dogecoin, and Solana. REX-Osprey is launching the first XRP and DOGE ETFs next week, under the 40 Act. These funds will still provide spot exposure to both altcoins, although they differ from the conventional spot crypto ETFs. REX-Osprey’s funds will help inject new capital into the XRP and DOGE ecosystem, which could serve as a catalyst for higher prices. 

    Meanwhile, Solana just saw the launch of a $1.65 billion SOL treasury firm, Forward Industries. The firm completed the private placement earlier this week and immediately began buying SOL through Galaxy Digital, which was one of the investors in the private placement. This has added significant buying pressure on the crypto. 

    More Gains Ahead For These Altcoins

    The XRP price, Dogecoin, and Solana are still expected to record major gains ahead amid this crypto market rally. Crypto analyst CasiTrades suggested that the consolidation period is over for XRP and that it is set to rally to a new all-time high (ATH). Her accompanying chart showed that the altcoin could rally above $4.60. 

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    Crypto analyst Ali Martinez stated that Dogecoin is still in the buy zone and that the bullish breakout will melt faces. His accompanying chart showed that DOGE could rally to as high as $4 if it touches the middle channel of an ascending channel. In a separate analysis, the analyst noted that $1,300 is the primary target for SOL after breaking out of a cup and handle pattern. 

    XRP
    XRP trading at $3.14 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Getty Images, chart from Tradingview.com

    Scott Matherson

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  • Stripe reintroduces crypto payments via USDC stablecoin

    Stripe reintroduces crypto payments via USDC stablecoin

    At the company’s Global Internet Economy conference on Thursday, Stripe revealed its decision to reintroduce support for crypto payments.

    During the final keynote session, titled The Future of Payments, Stripe’s president, John Collison, highlighted the company’s previous involvement with cryptocurrency, noting that their experience with crypto dates back a long time. Collison referenced the company’s earlier venture into Bitcoin (BTC) support in 2018, which was discontinued due to underutilization.

    Collison expressed enthusiasm about the reintroduction, stating that Stripe is excited to bring back crypto to accept payments but only wanted Circle’s USDC stablecoin and a much better experience.

    The decision to reintegrate crypto payments stems from its increasing utility, as emphasized in Collison’s presentation. Collison pointed out the improvements in transaction speeds and decreasing costs that make crypto a more viable medium of exchange.

    This feature’s rollout is anticipated later this summer, marking Stripe’s reentry into the crypto sphere after a period of relative quiet. Collison had previously indicated the company’s interest in crypto’s potential despite some earlier products facing low demand.

    Last May, Stripe introduced a fiat-to-crypto onramp, providing options for both customizable embeddable onramps for web3 companies and a Stripe-hosted option for user convenience.

    Stripe’s reintroduction of crypto payments reflects a strategic decision to adapt to the evolving landscape of digital payments. It acknowledges the growing value of crypto in global transactions while striving to enhance user experience and accessibility.

    Bralon Hill

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  • Circle, Solana team up to boost USDC interoperability

    Circle, Solana team up to boost USDC interoperability

    Circle, the issuer of popular stablecoin USDC, has partnered with Solana to bring its cross-chain transfer protocol to its blockchain ecosystem.

    Circle designed the cross-chain transfer protocol (CCTP) to enable the secure transfer of USDC between different blockchain ecosystems using the native mint and burn process, as stated on Wormhole’s website.

    Solana developers can now natively swap USDC tokens from Ethereum and other EVM-compatible ecosystems, including Arbitrum, Avalanche, Base, Optimism, and Polygon. It will also be compatible with non-EVM blockchains as well.

    CCTP first integrated with a non-EVM chain in October last year, when it partnered with Noble, a Cosmos-based token protocol, to bring USDC natively into the Cosmos ecosystem.

    As Noble is integrated with Cosmos’ inter-blockchain communication protocol (IBC), CCTP is also functionally compatible with all Cosmos chains connected with IBC.

    A handful of Solana ecosystem players will support CCTP from day one. This includes Wormhole, Allbridge, Mayan Finance, Drift Protocol, Sphere Labs, Cube Exchange, Jupiter Exchange, and Solend Protocol. Additional ecosystem projects are expected to go live in the following weeks.

    Bridging protocols such as the CCTP are essential in the on-chain environment, which enables blockchain networks — which generally operate in siloed environments — to communicate with one another, allowing the transfer of digital assets across various ecosystems.

    Traditional bridging solutions often have a handful of drawbacks, such as introducing additional trust assumptions and requiring users to pay significant gas fees.

    As Circle, the issuer of USDC, designed CCTP, the protocol may be preferred over third-party bridges, especially when transferring stablecoin across different ecosystems.


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    Bralon Hill

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  • Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

    Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

    According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month.

    Solana Overtakes Tron In Stablecoin Transfer Volume

    Data from the blockchain analytics platform Artemis shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.

    To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.

    Stablecoin transfer volume across various blockchains in the past year | Source: Artemis

    From the chart above, it is clear that Solana’s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.  This growth has also impacted the network’s share in the stablecoin market, with Solana now boasting about 32% market share.

    Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.

    On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.

    SOL Price Overview

    Despite Solana’s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline in the last 24 hours.

    This sluggish performance in the past day underscores the altcoin’s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price has largely struggled to hold above the $100 mark.

    According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.

    Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency in the sector, with a market capitalization of more than $40 billion.

    Solana

    Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView

    Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Opeyemi Sule

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  • USDC Wallet Growth Soars 59% Despite Headwinds: Circle

    USDC Wallet Growth Soars 59% Despite Headwinds: Circle

    Increasing interest rates, regulatory actions, financial insolvencies, and instances of fraud have significantly contributed to shrinking the overall digital asset economy in the past year. The world’s second-largest stablecoin – USDC – wasn’t immune to these forces either.

    The total circulating supply has declined from approximately $45 billion to about $25 billion by the conclusion of November 2023. The rise in interest rates in conventional markets elevates the opportunity costs associated with holding USDC, as holders do not accrue interest on their holdings.

    Despite this, the number of USDC wallets with a balance of at least $10 has grown 59% in the last year alone, rising above 2.7 million.

    USDC’s Recovery

    According to a report titled “State of the USDC Economy,” Circle revealed that its stablecoin has been used to settle over $12 trillion in blockchain transactions since its introduction in 2018.

    The report highlights the stablecoin issuer’s role in facilitating more than $197 billion in transfers between the traditional banking system and blockchain networks in 2023, accomplished through the minting and redeeming of USDC.

    The statistics also reveal 595 million transactions facilitated by USDC from January through November 2023 despite being riddled with many setbacks, starting from the banking crisis.

    A notable feature, Circle’s Cross-Chain Transfer Protocol (CCTP), introduced in April 2023, has already made a significant impact by conducting 66,500 transactions. This protocol is designed to reduce friction, improve safety and security, and ultimately reduce costs when transferring USDC across different blockchains.

    In a statement, Jeremy Allaire, Co-founder and CEO of Circle, said,

    “While we are still in the early stages of this mission, this year’s State of the USDC Economy Report details a set of unequivocal indicators for growing momentum. As regulatory clarity for stablecoins continues to emerge across every major financial market center, and as mainstream financial institutions, fintechs, internet firms, and enterprises begin adopting this technology, USDC is poised to play a central role in the new internet financial system.”

    Moving Forward

    Several factors led to this decline, but it is essential to highlight the de-pegging of USDC that ensued after the failure of Silicon Valley Bank. Circle, having lost access to many of its other banking partners, had a substantial portion of its reserves tied up with Silicon Valley. The failure of SVB posed a threat to the stability of the stablecoin.

    USDC managed to restore its peg following the Federal Reserve’s action to compensate depositors affected by the failures of several banks.

    Meanwhile, the entity behind USDC submitted confidential paperwork for an initial public offering (IPO) in the United States earlier this week, intending to become a publicly traded company. The IPO is expected to move forward upon completion of the review process by the Securities and Exchange Commission (SEC), subject to market conditions and other considerations.

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  • Mango Markets allocates $250k to tackle regulatory inquiries

    Mango Markets allocates $250k to tackle regulatory inquiries

    Decentralized exchange Mango Markets is responding to scrutiny from U.S. regulatory bodies by allocating $250,000 worth of USD Coin (USDC) to its course.

    This move comes on the heels of recent woes, including a hack and ongoing legal proceedings that have led the DAO, or decentralized autonomous organization, to hire an intermediary who will guide the project through its regulatory battles.

    Allocating resources for a solution

    Mango Market’s DAO is responding to regulatory inquiries by approving a budget of $250,000 in USD Coin (USDC). This allocation, set for approval on Jan. 6, aims to hire a representative who will assist in addressing concerns raised by U.S. regulators.

    If approved, Poland-based company Cyberbyte, owned by Mango Markets contributor Adrian Brzeziński, will represent MangoDAO for a one-year term. Responsibilities include engaging legal counsel and working towards resolutions to regulatory matters.

    The hack and its aftermath

    Over a year ago, Mango Markets experienced a notable hack that led to a loss of $116 million in crypto assets. The hack involved manipulation of the protocol’s treasury through an oracle, with Avraham Eisenberg leading the attack. 

    Claiming to have carried out a highly profitable trading approach, Eisenberg manipulated the value of Mango’s native token (MNGO) to obtain substantial loans against inflated collateral.

    However, his actions led to his arrest in Puerto Rico in December 2022, under charges of market manipulation and fraud. Following the incident, regulatory bodies such as the CFTC and SEC, charged him with a fraudulent scheme that led to losses for Mango Markets.

    Eisenberg’s alleged actions included draining assets from Mango Markets after artificially inflating the token’s price. Regulatory bodies, including the FBI and CFTC, cooperated in pursuing civil penalties and injunctive relief.

    Simultaneously, Mango Markets’ parent company initiated a lawsuit against Eisenberg in the Southern District of New York U.S. District Court. While Eisenberg had initially agreed to refund $67 million, Mango Labs is pursuing the remaining amount through legal channels.

    With a mixture of CeFi and DeFi features on its platform, Mango Markets envisions a future where financial services would be cheaper and accessible to cryptocurrency users through margin trading, lending, and perpetual futures.

    At the time of writing, MNGO is trading at $0.019, representing a 20% decrease in the last seven days, per data from CoinGecko.

    SEC nears decision on Bitcoin ETFs

    Meanwhile, spot Bitcoin ETFs’ fate could be revealed by the SEC soon. Recent reports indicate that, after the SEC’s discussions with major exchanges such as the New York Stock Exchange (NYSE) and Nasdaq, it may reveal its results by Jan. 10.

    Analysts and ETF issuers express optimism, anticipating a favorable decision after witnessing the SEC’s engagement with key industry players. 

    This contrasts with Matrixport’s prediction of a possible denial until the second quarter of 2024.  

    As of writing this, BTC is trading at $44,000 with an increase in value of 3.7% over the last seven days 

    At the same time, market participants dealing with cryptocurrencies are focusing on the SEC – they expect approval of ETFs that could be a breakthrough in terms of how Bitcoin (BTC) can make more inroads into the traditional finance space.


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  • Radiant Capital Flash Loan Attack Leads to $4.5 Million Loss

    Radiant Capital Flash Loan Attack Leads to $4.5 Million Loss

    Cross-chain lending protocol Radiant Capital has suffered a hack resulting in the loss of 1,900 ETH, equivalent to approximately $4.5 million, according to blockchain security and analytics firm PeckShield Inc.

    Radiant Capital operates as a decentralized borrowing and lending protocol featuring cross-chain functionality built using LayerZero technology. As of the latest data from DefiLlama, the protocol has around $315 million in total value locked.

    Radiant Capital Investigates Flash Loan Attack

    PeckShield explained the Radiant Capital incident as the hacker exploiting a time window just six seconds after the activation of a new USDC market in the lending system.

    The attacker capitalized on a “rounding issue” in the codebase, leading to cumulative precision errors. This loophole allowed them to profit through repeated deposit and withdrawal operations, as stated in a post on X.

    Radiant Capital, addressing the issue on X, mentioned that the Radiant DAO Council has temporarily suspended lending and borrowing markets on Arbitrum.

    The protocol has acknowledged that the incident is a result of an “issue with the newly created native USDC market on Arbitrum.” It assures users that a postmortem report will be published once the problem is resolved.

    The Radiant Capital post emphasized that current funds were not at risk and assured users that operations would return to normalcy after the investigation concluded.

    However, amidst this situation, fake Radiant Capital accounts on X have been rampant, disseminating phishing links under the guise of aiding users in revoking approvals, creating additional challenges in managing the aftermath of the security breach.

    Flash Loan Attacks Become Rampant

    Flash loan attacks continue to pose security challenges in various blockchain ecosystems. On October 12, 2023, DeFi Protocol Platypus Finance suffered a flash loan attack that led to a loss of more than $2 million.

    CertiK’s subsequent investigation into the incident revealed that two malicious entities stole approximately $1.3 million worth of wrapped AVAX (WAVAX) and around $913,000 in liquid-staked AVAX (sAVAX). The perpetrators specifically targeted the AVAX-sAVAX liquidity pool.

    In the BNB Chain, on October 11, 2023, an attacker utilizing a Miner Extractable Value (MEV) bot executed a significant arbitrage profit amounting to $1.575 million. Earlier, in June of the same year, a decentralized finance (DeFi) protocol named Sturdy Finance experienced multiple hacks, resulting in the loss of 442 ETH worth $800,000.

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  • Latin America Takes the Lead as Stablecoin Global Settlements Reach $7 Trillion

    Latin America Takes the Lead as Stablecoin Global Settlements Reach $7 Trillion

    Circle recently reported that the global settlement volume of stablecoins reached $7 trillion last year, nearly half the $14 trillion settled by financial powerhouses Visa and Mastercard.

    This marks a shift towards digital currencies, especially in Latin America, where they have become part of everyday transactions.

    Stablecoins Spearhead Financial Revolution in LATAM

    The rise of stablecoins creates a new wave of financial interoperability and easier global commerce. Latin America, in particular, is at the forefront of this revolution with its rapid adoption and integration of digital currencies into everyday financial activities.

    According to a Mastercard survey, 51% of the consumers in this region have used digital currencies for purchases, with one-third relying on stablecoins for routine shopping. This widespread adoption is driven by a large population having limited access to conventional banking services, offering a lifeline to underbanked people and the large developer base in the region.

    The global financial landscape is shifting as more value is expected to migrate to blockchain-based financial services. This move is anticipated to disrupt traditional financial institutions, offering regulated, innovative financial services across various domains, including savings, payments, and credit.

    Circle, a leader in the stablecoin market, has been instrumental in this shift. Since launching USDC, a dollar digital currency, in 2018, Circle has seen its adoption skyrocket, highlighting the potential and growing acceptance of stablecoins in the financial sector.

    Latin America Embraces USDC in Fintech Innovations

    Latin America’s fintech sector is rapidly integrating USDC with key players in the region to enhance its financial services.

    Mercado Libre, the region’s largest e-commerce platform, now offers digital dollars through USDC, valued for its transparency and interoperability. Airtm has also collaborated with the Venezuelan government and the U.S. to use USDC to bypass political barriers, demonstrating the currency’s potential in humanitarian aid.

    Argentinian fintech Lemon enables nearly two million customers to access and transact with USDC and local currencies seamlessly. Ripio, at the forefront of crypto adoption in the region, has introduced USDC cashback on its cards, further normalizing digital currency in everyday transactions.

    Credix is transforming the credit market by linking investors with unique opportunities in Latin America, leveraging USDC for streamlined transactions. Littio, a Colombian savings and payments app, incorporates USDC and Euro Coin, offering diverse savings options.

    Parfin caters to Brazil’s major financial institutions with various digital asset services, underlining the growing institutional interest in digital currencies. Felix Pago’s innovative remittance platform also enables transfers from the U.S. to Mexico via WhatsApp, powered by USDC in partnership with Mercado Libre, enhancing cross-border transactions.

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  • Circle launches USDC and EURC faucets to support dev activity

    Circle launches USDC and EURC faucets to support dev activity

    Jeremy Allaire’s stablecoin operator now provides a depot of testnet tokens for blockchain builders to utilize when creating web3 tools and solutions.

    Circle, the issuer of crypto’s second largest stablecoin, USD Coin (USDC), has released a faucet for its U.S. dollar-pegged token and its euro-denominated coin EURC in a move said to bootstrap innovation across a plethora of decentralized networks. 

    This faucet will allow developers to access test USDC and EURC, which can then be deployed on testnets. In this staging area, builders evaluate blockchain applications and hold dress rehearsals ahead of the main deployment. 

    The testnet tokens are free and would be available on supported chains such as Ethereum, Algorand, Arbitrum, Avalanche, Base, Flow, Hedera, Near, Noble, Optimism, Polygon PoS, Solana, Stellar, Tron, and others. 

    Circle noted that users can leverage the faucet on every Ethereum Virtual Machine (EVM) and non-EVM testing network that supports USDC and EURC.

    Testnet tokens and faucets are an integral support system for blockchain builders when testing smart contracts, simulating how cryptocurrencies and stablecoins interact with decentralized applications (dapps). This tool could mark a milestone for the stablecoin operator toward enhancing stablecoin utility during the early stages of on-chain developments.

    In other Circle news, the company published two open-source protocols to tackle crypto theft and illicit finance following allegations from U.S. policymakers about bad actors using USDC for criminal operations. Circle refuted the claims, as reported by crypto.news.

    According to the company, the protocols include a recoverable token standard to enable reversible transactions. Circle also introduced the R-Pools initiative as an insurance fund for this new token type.

    Faucet for USDC and EURC test tokens | Source: Circle


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  • Coinbase Wallet Enables Sending Crypto Over Social Media Apps

    Coinbase Wallet Enables Sending Crypto Over Social Media Apps

    On Dec. 5, Coinbase unveiled changes to its Web3 wallet to make the product more user-friendly and streamlined.

    One of the biggest updates was the introduction of the ability to send funds using a text message on popular social media messaging platforms such as WhatsApp and Telegram.

    In a company blog post, the firm said that users can now instantly send money to friends and family worldwide for free directly within messaging and social media apps by sharing a link from Coinbase Wallet. 

    Coinbase Link Sharing

    Coinbase stated that link sharing could be done with platforms such as WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email.

    It explained that when a recipient clicks the shared link, it takes them into the Coinbase Wallet app to claim or directs them to download the Coinbase Wallet app on iOS or Android.

    Those without a Coinbase account will not be able to receive funds this way, so the move is a wider effort to expand its customer base. 

    If the link is not opened within two weeks, the funds will be automatically returned to the sender. 

    Currently, only USDC, which Coinbase has a stake in, can be shared via links on the wallet for free. Other crypto assets can also be sent and received, but they are subject to network fees.  

    Moreover, there are no KYC procedures to use Coinbase Wallet, but the company requires them to have a full crypto trading account. 

    Coinbase also rolled out a “simple mode” for the wallet app, minimizing the service to its core functions of sending and receiving money.

    COIN on the Rise

    Coinbase’s shares had a rough ending last year, alongside the entire crypto industry, and had dumped to around $35. However, COIN started to regain value almost immediately as 2023 began, and the recent positive market moves have helped the stocks skyrocket to a multi-year peak of $140.

    This means that COIN is up by more than 300% YTD so far, making it one of the best-performing assets overall. In fact, CryptoPotato reported last week that COIN, along with MicroStrategy’s MSTR, have soared by triple digits since the start of the year.

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  • Tether's (USDT) Market Cap Peaks at $90 Billion Amid Renewed Confidence

    Tether's (USDT) Market Cap Peaks at $90 Billion Amid Renewed Confidence

    Tether (USDT) – the largest stablecoin globally, has experienced continuous growth in its market capitalization, reaching an all-time high of $90 billion on December 6th before retreating слигхтлъ to $89.9 billion. This surge suggests a renewed trust in the crypto market despite facing regulatory hostilities.

    Over the last month, the market cap has increased by around 6%, bringing the year-to-date growth to over 35% from a modest $66.24 billion, demonstrating its capacity to navigate market volatility and restore investor faith.

    The growth also signified an improvement in liquidity in the market with an influx of additional capital into the ecosystem.

    State of Stablecoins

    Following major incidents such as the Luna collapse in June 2022 and the Silicon Valley Bank (SVB) crisis in March, there was a significant decrease in the overall supply of stablecoins, signaling a lack of confidence in the market.

    However, from October 2023 onwards, there has been a consistent increase in the total stablecoin supply, indicating a positive shift. This upward trajectory serves as an early indicator of enhanced on-chain liquidity, suggesting a scenario where more capital is ready for deployment, according to the latest CoinMetrics report.

    USDC – the widely used stablecoin in decentralized finance (DeFi) applications – experienced a notable portion of its supply residing in smart contracts, reaching a peak of over $20 billion in March 2022. However, throughout the year, this figure slashed by half from its peak of $14 billion in March to $7 billion by December 2023.

    In contrast, Tether (on Ethereum), primarily held in externally owned accounts (EOAs), has demonstrated a different trajectory. Its involvement in smart contracts has expanded, increasing from $4 billion at the beginning of the year to surpass $6 billion.

    The report also found that the number of addresses holding greater than $100k USDC has declined to 13k addresses, while those for USDT on Ethereum remain relatively stable.

    But USDT on the Tron network has a completely different story. Tether on Tron witnessed a steady growth in adoption, with nearly 40k addresses holding greater than $100k. Such a trend can be attributed to its cheaper transaction fees and potentially increasing use in developing economies across parts of Latin America, Africa, and Asia.

    Spot Trading Volume

    There has been a significant uptick in stablecoin spot trading volumes, highlighting their utility as a quote asset on both centralized and decentralized platforms. CoinMetrics found that USDT continues to dominate the trusted spot volumes, reaching $18.8 billion on November 15th.

    These volumes rank second only to those observed during significant market events such as the Terra, FTX, and SVB collapse.

    USDC volumes have also recently surged, reaching $2.5 billion in November – a record high in USDC trading volume.

    In contrast, the volumes for other stablecoins have declined, primarily due to the reduction in BUSD volumes, which Binance announced it would cease supporting this month.

    Overall, the upward trend in volume signifies a growing interest among traders and investors in gaining exposure to crypto assets with the potential for appreciation, particularly as the broader crypto markets are experiencing an upswing.

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  • Stablecoin Activity Takes Crown From DeFi in Q3: Report

    Stablecoin Activity Takes Crown From DeFi in Q3: Report

    Stablecoins are often viewed as assets that pose systematic risks to the financial market. However, these pegged tokens have become the most popular category among investors amid adverse market conditions.

    QuickNode’s latest on-chain report revealed a notable surge in stablecoin activity across blockchain networks.

    Stablecoins saw a 45% growth in active addresses and a 41% increase in transactions between the first and third quarters. Contrastingly, DeFi experienced significant drops in daily active addresses and transactions. Moreover, these protocols went from having over 1 million daily average transactions in the first quarter to 786,000 in the third quarter.

    Stablecoin’s Growing Appeal to Investors

    It wasn’t until July that stablecoins solidified dominance in the market with transactions surpassing those of DeFi protocols on various blockchain networks, including Ethereum, Arbitrum, Polygon, Optimism, and more. In Q3 2023, stablecoins eclipsed other categories, boasting over 400,000 daily active addresses, making it the sole category to exhibit growth.

    QuickNode’s report shared with CryptoPotato,

    “Stablecoins are the dominant player in terms of daily active users. They have eclipsed even the likes of DeFi, which has been the traditional stronghold in previous years. The rise can be attributed to the inherent stability and value predictability that stablecoins offer, making them an attractive entry point for both new and seasoned users.”

    USDT continues to lead the stablecoin space in terms of market capitalization, active addresses, and transaction activity. It concluded Q3 with an average of 337,000 daily active addresses while its transactions averaged at 680,000 daily.

    Even as USDC maintains a lead over USDT in terms of volume for the third quarter, the analysis suggests that the gap has notably shrunk since Q1, primarily due to Silicon Valley Bank’s (SVB) collapse and USDC’s slight de-pegging of about $0.03.

    Meanwhile, USDC experienced a significant volume decline, with a 62% decrease from Q1 to Q3.

    Uniswap Thrives in Q3

    2023 hasn’t been kind to DeFi. The report found that Uniswap is the only DEX that has maintained stability since Q1 2023, despite a significant event when Silicon Valley Bank (SVB) collapsed. This collapse resulted in a substantial increase in the platform’s trading volume, primarily driven by a few large-volume transactions, rather than a surge in the number of transactions or active addresses.

    Notably, Uniswap is the only DEX that experienced a 15% growth in active addresses and a 33% increase in transaction count during Q3, diverging from the broader DeFi trend.

    Despite the continued dominance of DEXs within the DeFi subcategory, staking is gaining momentum, in yet another interesting trend.

    In Q3, the total staked Ether increased from 23.7 million to 27.2 million, with 37% of this attributed to Liquid Staking – a concept that resembles distributing IOU tokens in exchange for staked assets.

    Users depositing Ether in Lido DAO’s protocol receive stETH tokens, enabling them to participate in DeFi while earning ETH rewards. By the end of Q3, Lido held 32% of the staked ETH, with its value growing from $7.6 billion to $8.8 billion, marking a 16% increase.

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