The stablecoin USDC has established itself pretty well within the crypto ecosystem, with its first completed year. USDC was launched in September 2016 and quickly gained ground as one of the more influential dollar-pegged coins.
Over the past year, USDC reached a total supply of 421,469,737 coins, becoming the second-largest dollar-pegged asset after Tether (USDT). The minting of USDC is also strictly controlled and reflects only real-world fund inflows. USDC has continued growing despite the occasional token burn, as the asset also works like a fiat off-ramp.
“USDC has established itself as the second most popular stablecoin in the world; it has unparalleled support from more than 100 companies across the global crypto ecosystem, and it’s the first stablecoin to reach $1 billion in issuance in less than a year,” commented the Centre consortium.
The Circle, Inc. fin-tech company and Coinbase used their joint efforts to rapidly grow the supply of USDC. USDC started off with a supply of roughly 24 million coins. Over the past year, the supply has fluctuated and fell significantly during the bear market in late 2018. Later, USDC reached peak supply above 450 million coins.