The primary advantage of USDC is that it’s a stablecoin, which means that its worth is completely pegged to the greenback. Consequently, it’s less susceptible to volatility than other cryptocurrencies. This feature makes it perfect to be used in functions where stable costs are important, akin to in fee processing or invoicing.

Binance chief Changpeng Zhao mentioned: «On USDC, we have now seen an increase in withdrawals. However, the channel to swap from PAX/BUSD to USDC requires going by way of a bank in NY in USD. The banks should not open for another few hours. We count on the scenario might be restored when the banks open.»

There are more than 19,000 cryptocurrency initiatives on the market, but USDC is one of the biggest. Actually, it earns a high billing because the second greatest stablecoin after Tether, with more than $fifty one billion worth in circulation as of writing. It’s additionally the fourth largest in market cap among all cryptos.