The Goldman Sach’s backed company Circle seems to be committed to the crypto market more than ever before. The stablecoin issued by Circle is also growing in the cryptocurrency space. Now, the USD Coin (USDC) is the 19th largest digital asset in the market, even larger than ZCash (ZEC).
Circle Expands in the Crypto Market
The USD Coin is an ERC-20 stablecoin issued by Circle and that has been growing in the space during the last few months. 2018 was a year in which stablecoins surged after many controversies affected Tether (USDT), the largest stablecoin in the space. USDC was among those new stablecoins.
The market capitalization of the digital asset grew by $90 million in just a week. This is more than the entire coin’s supply when it was launched into the market back in October 2018.
In a recent ask-me-anything (AMA) held on Reddit by Jeremy Allaire, the founder of Circle, he talked about the growth of the USDC. One of the things he said is that investors prefer this digital asset because they have access to many large markets including Coinbase, Binance and Poloniex.
Allaire explained that the company will be focusing on the cryptocurrency in the coming months. The intention is to keep expanding it and make it one of the most used stablecoins in the market. He has also explained that they’ve built their payments infrastructure on top of the USDC.
In addition to it, he has also highlighted their plans for 2019 and how they are planning to expand. The intention is to improve their wallet infrastructure and focus on retail and consumer offerings.
Allaire commented about it:
“We are more committed than ever to this. We’ve built our payments infrastructure on top of crypto (USDC), and have made major investments and improvements to our core wallets infrastructure (in Poloniex), and you can expect to see a continued significant focus on consumer and retail offerings going into 2019.”
He has also mentioned that there is a lack of regulatory clarity in the market, something that is affecting the whole space. The U.S. Securities and Exchange Commission (SEC) has been increasing its presence in the market. The intention is to fight against scams and other fraudulent activities.
A Binance spokesperson commented to CryptoBriefing that they are also trying to offer more accessibility to investors. A few days ago, Binance added a few stablecoin trading pairs, including USDC.