USDC announced recently that Solana would be the fourth “official” blockchain after Ethereum, Algorand, and Stellar consecutively.
Following the announcement, USDC’s market cap jumped up from $53M to $2.791B. The coin that is now the 13th largest by market cap had traded $556M in the last 24 hours. Furthermore, as of this moment, the growth now exceeds its chief competitor, Tether (USDT), even when Tether’s overall market cap is far broader.
Things have taken off for the coin during the previously DeFi craze, especially when the investors have poured billions into non-custodial exchanges and lending protocols. It has started around the end of June when several protocols have offered customers the chance to create enormous returns by staking USDC in their smart contracts.
And the stake has been done: Last June 19, the market cap for USDC was $732M, and last Sunday, it peaked at around $2.8B – about a 4x boost.
USDT, also known as Tether, is USDC’s main competitor. The coin’s market cap had more doubled since May, from $7B to $15B as of now. It means that USDC is growing faster than Tether; however, USDT still dominates the market.
Being the “official chains” of USDC, the blockchains now support the USDC coin and then offer businesses about various USDC based APIs. USDC was then launched on Ethereum, and then pushed the Algorand integrations earlier this year, the Solana currently launched, and it will sustain Stellar beginning next year.