The U.S. Treasury Department has just minted another $ 10,000,000 coin on Ethereum – which is about to enter the cryptocurrency market.
New purchasing power will soon hit the market as the USDC Treasury Department minted another batch of its stablecoin. The second largest stablecoin will spend another $ 10 million in digital fiat when the market turns green again.
10,000,000 USDC spent on Ethereum
The message was first reported by Whale Alert (@whale_alert).
The response to the coinage has been largely positive and most expected a boost to the ongoing rally.
10,000,000 #USDC (10,000,000 USD) minted at USDC Treasury
Tx: https://t.co/fO38wzJhrg
– Whale alert (@whale_alert) February 12, 2020
Bitcoin (BTC) has held its position well above the $ 10,000 price and is currently up +5.51 percent from the daily value. It’s around the $ 10,300 mark.
The latest coinage is also taking place on Ethereum, which has de facto developed into the preferred platform for stablecoins. As BeInCrypto reported earlier this month, “Ethereum’s economy is now dominated by a stable transfer of value”. Since February 1st, stablecoin ERC20 tokens on Ethereum have overtaken ETH itself in terms of total value transferred daily.
Many hope that issuing more stablecoins on Ethereum will stabilize its value over the long term.
Ethereum has made a strong upward move in the past 24 hours and is currently up +15 percent and trading for around $ 252.
Stablecoins will increase reserves this year
The USDC has seen significant activity so far in 2020.
There were multiple batches of USDC coins in January, as BeInCrypto previously reported. For example, on January 22nd, $ 13 million in USDC was minted by the Treasury Department. An additional $ 20 million was also minted on January 16.
Overall, USDC hopes to compete with Tether (USDT) one day – but it currently only has a fraction of its market cap. Coinbase-backed stablecoin has tried to increase its visibility by offering HODL employees interest-based profits.
Whether or not USD Coin will one day dwarf Tether remains to be seen, but we can expect more stablecoins to come into play as the year progresses.
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