The total supply of Circle's USDC has increased significantly over the past 20 days.
Thus, the market cap of this US dollar-backed stablecoin has increased by $200M since the beginning of the month, exceeding $600M, a spectacular increase of 42% in just 3 weeks.
This surge seems to be related to the fact that investors see the currency as a safe haven in turbulent times, as Coinbase said in a blog post: "more and more consumers and institutions turn to USDC as a trusted means to weather the turbulence."
However, this is not the only good news for the stablecoin, as earlier this week it was known MakerDAO had decided to add USDC as a new collateral asset in its protocol, joining ETH and BAT.
Even though the stablecoin is mainly issued by Coinbase and Circle, both institutions have assured their objective is to diversify the group of issuers and redeemers.
The USDC is increasingly gaining more acceptance among industry platforms and users in general. For instance, in January iHodl reported Kraken had added support for the stablecoin to its platform, while just a few days ago it was known Circle had integrated new APIs to drive USDC adoption.
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