Market capitalization of USD Coin (USDC), a stablecoin issued by regulated financial institutions, exceeded $1,000,000,000, co-founded by Circle and Coinbase organization the Centre Consortium has announced.
USDC has become the 18th digital asset on the market with capitalization over $1 billion.
The Centre Consortium claims the financial crisis caused by COVID-19 at a macro level triggered high demand for digital dollars.
The organization adds businesses around the world are starting to explore the advantages of payments made via an entirely new, digital, global and interoperable infrastructure.
"We expect USDC to continue growing rapidly throughout 2020 and help fulfill Centre Consortium’s mission of establishing an open standard for money on the internet," the organization wrote in an official press release.
Previously iHodl reported that one of Europe's pioneers of the regulated blockchain banking sector Bank Frick added support for USDC payments, trades and custody service.
The bank's clients can now invest in USDC and store the stablecoin in cold storage wallets.
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