Over 5.5 billion USD Coin (USDC) tokens are transferred on-chain as of January. 31 2019, as per a report released by the Centre consortium on February. 6.

The Centre consortium was founded by crypto finance firm Circle and United States-based crypto exchange Coinbase. USDC s a U.S. dollar-backed stablecoin discharged by Coinbase and Circle in Oct of last year.

According to the report, by the end of Jan 2019 over 86,000 USDC transactions are completed on the chain. The document additionally claims that over 550 million units of the stablecoin are issued by the said date, out of which nearly 250 million have been redeemed into fiat currency by retail and institutional users.

According to the document, over 8,000 Ethereum addresses hold USDC tokens and over 1.6 billion units of the stablecoin are listed on cryptocurrency exchanges.

USDC is associate degree ERC20 token on the Ethereum (ETH) blockchain. Moreover, as per data fromTopMarketCap USDC is the twentieth prime cryptocurrency by market capitalization.

In Dec 2018, the Paxos standard (PAX) stablecoin exceeded $5 billion worth of transaction volumes. As of Dec. 13 had been utilized in $5,245,958,124.65 worth of transaction volumes, with a market cap of over $174 million.

According to a report released in Dec, the adoption of all stablecoins is growing based on the increasing range of on-chain transactions, and also the 4 major stablecoins have already broken the $5 billion mark in on-chain transactions within the 3-month period.

Тhe regulative parameters for stablecoins still remains unclear. A supervisory memorandum released by a monetary watchdog in Texas suggested that the local department of Banking might consider stablecoins as cash, making them and exchanges that deal with them subject to a number of Texas laws and license requirements.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now