Stablecoin Adoption Revisited
I saw that the SEC and the OCC issued guidance on fiat backed stablecoins yesterday. Better late than never. Because fiat backed stablecoins are seeing significant adoption this year.
I wrote a post about stablecoin adoption in June in which I said this:
I was perusing the crypto markets today and noticed that Tether, the grandfather of all stablecoins, is approaching a $10bn market cap, making it the third most valuable crypto asset after Bitcoin and Ethereum.
I also noticed that USDC, the US Dollar stablecoin that Circle and our portfolio company Coinbase are behind, is approaching a $1bn market cap.https://avc.com/2020/06/stablecoin-adoption/
Well, today those numbers are up by 50% and 150% respectively, as you can see on Coinbase:
I heard about a transaction that closed last week in which the buyer sent millions of USDC to the sellers’ wallet.
Instead of wire instructions, scan a QR code and hit send.
This is the future my friends.