Coinbase celebrated the first anniversary of the launch of its native stablecoin USDC. Over the last twelve months, the stablecoin has grown to become the second-largest cryptocurrencies.
The cryptocurrency market is in a state of confusion. Regardless, stablecoins continue to see a rise in their trading volumes with Tether (USDT) maintaining a higher trading volume than Bitcoin. Bitcoin and Tether are the largest cryptocurrencies and the largest stablecoin, respectively.
Coinbase celebrated the anniversary in a Twitter post boasting about the popularity of the stablecoin. Coinbase revealed that the stablecoin is supported by over one hundred companies across the world.
USDC vs Tether
Coinbase’s stablecoin is the only real competitor to Tether. The token has hit a milestone by hitting the one billion dollars mark of issued tokens. The dollar-backed stablecoin was a result of the collaboration between Coinbase and Circle. Circle is one of the largest blockchain companies in the US, while Coinbase is one of the most popular cryptocurrency exchanges across the globe.
The driving factor behind USDC’s growth is the controversy surrounding Tether. Tether has been submerged in numerous controversies and is now facing charges by the New York Attorney General. Tether reportedly is not backed by the appropriate amount of dollars, and the co-founder has even admitted it.
Furthermore, USDC has the support of two companies with great reputations Circle and Coinbase. The companies are well-known and have strong connections with the rest of the industry.
Regardless, USDC still has a long distance to cover before it reaches Tether. USDC only has a trading volume of nearly two hundred million dollars ($201M). Meanwhile, Tether has a trading volume of around twenty-three billion dollars ($23B).