Reserve Dollar

Cryptocurrency

Impact

April

USDC

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/usdc-market-share-rises-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDC Market Share Rises in July</a><br></p>
<p style="text-align: justify">Cryptocurrency markets are experiencing declines, with stablecoins showing increased volumes during this period. USDC, a stablecoin issued by Circle, faced significant challenges during the 2023 US banking crisis but has since rebounded. In July, USDC saw remarkable growth supported by the Markets in Crypto-Assets Regulation (MiCA).</p>
<h2 id="what-boosted-usdc-s-trading-volume">What Boosted USDC’s Trading Volume?</h2>
<p style="text-align: justify">Circle’s USDC witnessed a 48% surge in trading volume in July. The total market value of stablecoins reached $164 billion, the highest level since April 2022. A recent CCData report revealed that USDC pairs on centralized exchanges amassed a volume of $135 billion by July 25. Despite this, USDT continues to dominate the stablecoin market, boasting a market value of $33.6 billion and reserves exceeding $100 billion.</p>
<h2 id="why-did-mica-impact-usdc-growth">Why Did MiCA Impact USDC Growth?</h2>
<p style="text-align: justify">USDC became the first global stablecoin to receive operational permission in the European economic area under MiCA. This regulatory approval was expected to boost interest in USDC significantly. <a href="https://en.bitcoinhaber.net/binance-triumphs-a-year-of-growth-and-compliance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> even introduced a zero-fee campaign for the USDC/EURO pair, further driving its growth. Consequently, USDC’s market value increased by 5.4% in July, surpassing USDT’s 1.6% growth during the same period.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">– USDC’s rapid growth could potentially threaten USDT’s market dominance.<br> – MiCA approval is a major milestone, enhancing USDC’s credibility and market appeal.<br> – Strategic initiatives like Binance’s zero-fee campaign can significantly impact stablecoin adoption.<br> – Investors should monitor regulatory developments and their effects on stablecoin performance.</p>
<p style="text-align: justify">In summary, USDC, having met stringent MiCA regulations, is outpacing its competitors in growth and may further distance itself from USDT during favorable <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>. Currently, Bitcoin’s price has dropped below $65,000, and despite positive Federal Reserve statements, geopolitical risks are weighing on the market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/usdc-market-share-rises-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDC Market Share Rises in July</a></h5>

USDC Market Share Rises in July

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