One of the well-known stablecoins, USD Coin (USDC), has surpassed $3 billion in market capitalization, growing by nearly 500% in 2020.
According to an official blog post, USDC has supported over $230 billion on-chain transactions, "spanning diverse industries and use cases." David Puth, Centre Consortium's new Chief Executive, says the growth of USDC is the result of the work focused on establishing "an open standard for fiat digital currency on the internet."
"I fully expect that the adoption of USDC will continue to expand globally and that growth will continue at a very strong pace," Puth added.
Centre Consortium says the rise of stablecoins is driven by financial institutions' interest in dollar-backed digital assets for payments, commerce, and treasury operations.
In November 2020, iHodl reported that the US government is financially helping Venezuelan opposition led by Juan Guaido with the use of stablecoin issuer Circle.
Through a collaboration with the US-based fintech company Airtm and the US government, Circle is financially supporting Venezuelans "to bypass the controls imposed by Maduro." Circle says after Maduro seized power in Venezuela in January 2019, the US Treasury Department imposed sanctions on the Maduro regime, allowing the US watchdogs to seize assets that were intended to be used by Maduro or his government.
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