In a significant move within the cryptocurrency landscape, the US Treasury has minted 90 million new units of USDC on the Ethereum blockchain. This issuance was reported by Whale Alert, although Circle, the company behind USDC, has yet to provide official confirmation regarding this minting.
The trading volume for USDC experienced a remarkable surge, increasing by 73.24% over the past 24 hours. This spike brought the stablecoin”s market capitalization to an impressive $76.50 billion. Despite a minor decline in price of 1.47%, settling just below its usual parity at $0.9996, the new issuance signals a strategic response from institutional actors seeking liquidity.
This recent minting is part of a broader trend, following another issuance of 60 million USDC just a day earlier. Such actions illustrate a robust demand for stablecoins, particularly in the context of decentralized finance (DeFi) protocols, where liquidity is crucial. According to experts from Coincu, these continuous mintings highlight the crypto ecosystem”s increasing reliance on regulated stablecoins like USDC.
While the community awaits further validation from Circle, the implications of this minting on Ethereum”s liquidity metrics remain closely monitored. The absence of public commentary from Circle has led to a measured response from market participants, who are eager to understand whether this new supply is aimed at bolstering institutional reserves or expanding payment services.
As the year draws to a close, the stablecoin market continues to demonstrate its resilience and pivotal role in the digital economy. The sustained capital inflow into USDC underscores a prevailing confidence in Circle”s infrastructure, providing a stable option for investors navigating the inherent volatility of other cryptocurrency sectors.
