USD Coin (USDC) celebrated its first birthday this past week. As noted in a tweet, USDC is now the second most popular stablecoin following Tether.
On September 26, 2018, Circle and the CENTRE open source consortium introduced USD Coin to enable individuals and institutions to deposit US dollars from bank accounts, convert those dollars into tokens usable everywhere the internet reaches and redeem USDC tokens and cash out to bank accounts.
At that time, more than 20 companies announced support for USDC. Importantly, USD Coin has committed to audits and adhering to meet FATF standards.
In a blog post, CENTRE reported that the one billionth USDC was issued in August. It claims to be the first stablecoin to reach $1 billion in issuance in less than a year.
Some industry pundits have expected a shift away from Tether to more transparent stablecoins but as of yet, this does not appear to have taken place.
September 26 is $USDC’s anniversary! Please read about its success and the role so many have played in helping USDC become a go-to stablecoin across the crypto ecosystem: https://t.co/hjgNUm9Nlt
— CENTRE (@centre_io) September 25, 2019