Tracking transactions on blockchains and sharing them publicly Whale AlertThe Treasury of leading stablecoin USDC was linked to Ethereum in a major transaction today, according to . $2,310 50 million USDC coins were minted on the blockchain. The minted coins were transferred to the cryptocurrency exchange Coinbase. According to the data, the USDC transaction in question was made on September 17.
What Does the Transfer of 50 Million USDC to Coinbase Mean?
The printing of such a large amount of coins for USDC, a stablecoin whose price is pegged 1:1 to the US dollar, and its immediate transfer to the centralized cryptocurrency exchange Coinbase has caused a lot of speculation. The general opinion CoinbaseIt is also indicating that demand for US dollar-backed assets is increasing.
This move could potentially be an indication of upcoming large-scale trading activity or increased institutional participation on the platform. Whale Alert notes that the USDC Treasury minted the coins just six minutes before the transfer, suggesting that the high-value transaction was executed extremely quickly.
Like USDC stablecoin‘s play a very important role in the cryptocurrency market by acting as liquidity and a stable store of value in the high volatility environment inherent in cryptocurrencies. Investors and institutions often use stablecoins for hedging, fast payments, and switching to other cryptocurrencies. In general, the entry of 50 million USDC worth $ 50 million into Coinbase’s wallets indicates that market participants are preparing or wanting to escape the instability in the market.
Latest Situation in the Stablecoin Market
Stablecoin market With a market value of $171.87 billion, it has an extremely important place for the $2.04 trillion cryptocurrency market. It came to the fore with its treasury printing and transfer to Coinbase Circle‘s USDC is currently the second largest stablecoin with a market cap of $35.48 billion. On the other hand, Tether’s stablecoin Tether (USDT) is the largest stablecoin with a market cap of $118.68 billion.
In third place with a market value of $5.36 billion Dai (DAI) with a market value of $2.77 billion, followed by First Digital USD (FDUSD) and a market value of $734.21 million PayPal USD (PYUSD) is following.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
