The main advantage of USDC is that it’s a stablecoin, that means that its value is permanently pegged to the dollar. In consequence, it’s less inclined to volatility than other cryptocurrencies. This characteristic makes it ultimate to be used in applications where stable costs are essential, comparable to in payment processing or invoicing.

Binance chief Changpeng Zhao mentioned: «On USDC, we’ve got seen a rise in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going by a bank in NY in USD. The banks will not be open for an additional few hours. We count on the state of affairs might be restored when the banks open.»

There are more than 19,000 cryptocurrency tasks on the market, but USDC is considered one of the most important. Actually, it earns a prime billing because the second biggest stablecoin after Tether, with more than $51 billion value in circulation as of writing. It’s additionally the fourth largest in market cap among all cryptos.