The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.

The biggest stablecoin, Tether or USDT, is only available in 8 of those. Currently, the most used stablecoin is Tron’s version of USDT. 

Related Reading | Is USDC’s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

With that in mind, CENTRE said:

“We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency.”

The consortium that runs USDC, CENTRE, is a joint venture between Coinbase and payments processor Circle. The information comes from, “a draft announcement from USDC administrator CENTRE obtained by CoinDesk.”

USDC market cap for 06/30/2016 - TradingView

USDC market cap for 06/30/2016 - TradingView

Get 110 USDT Futures Bonus for FREE!
USDC market capitalization | Source:

What Is USDC And How Does It Work?

For this, we have to go back to the academy. Coinzilla informs us:

USDC is one of the fastest-growing stablecoins pegged 1 to 1 to the US Dollar.

What is more remarkable is that Circle, the company that developed the stablecoin, is actually holding the amount of money required for backing the USDC in circulation. 

That’s definitely a show at USDT. Tether’s audit and legal issues have been a topic of contention in the cryptocurrencies community for a while now. Can they back all the Tether they’ve minted? A burning question that’s harder to answer than you’d think. 

For what is worth, USDC’s independent audit is on the public record and says:

  • USD Coin (“USDC”) tokens issued and outstanding less tokens allowed but not issued (218,807,037) and less blacklisted tokens = 14,697,267,257 USDC  

  • US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time. 

Back to Coinzilla’s academy, the stablecoin’s characteristics are:

In essence, USD Coin is an ERC-20 token that functions through the Ethereum Network. Nowadays, USDC transactions can also be settled through Algorand, Solana, and Stellar’s infrastructures.

Since the launch of USDC 2.0, the payment process is simplified, the gas fees being paid directly in USDC. 

Related Reading | Circle’s Stablecoin USDC Passes Independent Audit, Fully Backed by USD

Stablecoins Are Supposed To Rule The USA in 2021

The official love affair between the US government and USDC started last January, when Jeremy Allaire from Circle announced that, “the largest US banking regulator with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.” According to him, “Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.”

Recently Randal K. Quarles, the Federal Reserve’s Vice Chair for Supervision, considerably raised the stakes:

In my judgment, we do not need to fear stablecoins. The Federal Reserve has traditionally supported responsible private-sector innovation. Consistent with this tradition, I believe that we must take strong account of the potential benefits of stablecoins, including the possibility that a U.S. dollar stablecoin might support the role of the dollar in the global economy. For example, a global U.S. dollar stablecoin network could encourage use of the dollar by making cross-border payments faster and cheaper, and it potentially could be deployed much faster and with fewer downsides than a CBDC.

Will stablecoins like USDC and USDT substitute the Digital Dollar project? Could they be an alternative to CBDCs? We’ll have to wait and see.

Featured Images by NeONBRAND on Unsplash - Charts by TradingView


Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

U.S. Federal Reserve Services Restored After Outage

Key Takeaways

  • The U.S. Federal Reserve experienced a three-hour outage today.
  • Those outages affected crypto exchanges and their ability to handle wire transfers and bank payments.
  • Though the issue has been resolved at the Federal Reserve, it seems exchanges are still restoring their own services.

Share this article

The U.S. Federal Reserve’s payments system has been restored to operation after a three-hour outage, according to status reports from the government body’s website.

Services Experienced Three-Hour Outage

On Feb. 24, several Federal Reserve services went down, including Account Services, Check 21, Check Adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlement.

The first issues began at 11:15 a.m. Eastern Time. Problems around central bank applications were resolved at 2:17 p.m, and access to FedCash Services was restored by 2:30 p.m. The Federal Reserve also extended cash order deadlines to 3:30 p.m due to the outage.

In a statement, Federal Reserve Bank of Richmond representative Jim Strader suggested that the issue was due to an “operational error [that] resulted in disruption of service in several business lines.”

Crypo Exchanges Affected

Several cryptocurrency exchanges have reported issues due to the outage, including Binance.US, Kraken, Coinbase, and Gemini. The outage has prevented exchanges from variously accepting and performing wire payments, ACH payments, and bank transfers.

Though the issue has been resolved at the Federal Reserve level, it appears that exchanges have not fully resolved the issue on their end and are still experiencing delays.

This is the second notable crypto-related outage of the month; several exchanges were affected by an AWS outage on Friday.

Cryptocurrency exchanges were not the only service affected by the issue. According to Reuters, the service is the “hidden backbone” of the U.S. Financial system. It reportedly handles more than 835,000 transactions per day, amounting to $3.4 trillion per day.

Share this article


Tagged : / / /
Bitcoin (BTC) $ 37,738.11 1.25%
Ethereum (ETH) $ 2,030.67 1.62%
Litecoin (LTC) $ 69.51 0.88%
Bitcoin Cash (BCH) $ 222.48 1.44%