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With the growing vote of confidence in USD Coin (USDC), ProBit Global is offering users the opportunity to buy the trending stablecoin for $.50 during its upcoming Exclusive event on June 7.
The latest Exclusive is part of an ongoing stablecoin push with the exchange recently adding DAI to its fiat on-ramp for users to conveniently buy crypto with a credit card or bank transfer.
USDC is fast becoming the darling of many in the stablecoin world particularly in the wake of the Terra UST collapse, the headline-dominating death spiral of the third-largest stablecoin by market cap that delivered a major setback for the entire space and further exacerbated its already bearish state.
Stablecoins, as the proposed preferred option to transact value in the Web3 - or decentralized web - era, have shown they come in different forms in catering to the ability to be automated, accessible, and relatively free of volatility from the wider market trends.
USDC is one of several stablecoins pegged to USD and is fully backed by reserves at a 1:1 rate, marking it as a safe haven while the crypto market recovers from a prolonged drawdown over the past six months.
Developing market trends seem to suggest that USDC —- now the second-largest stablecoin and fourth-largest crypto asset by market cap —- might be capturing more users’ attention.
Whales Signal their Support for USDC
USDC has been getting some love of late within the space, particularly from crypto whales, according to a recent report from data blockchain analysis firm Coinmetrics.
Based on their findings, big crypto-asset holders (aka whales) including institutional investors, exchanges, and deep-pocketed individuals have increased their USDC holdings following UST’s demise with the number of Ethereum wallets holding ≥1M USDC exceeding those holding ≥1M USDT on May 12.
Coinmetrics attributes this surge in USDC adoption to two primary factors:
- Large holders essentially arbitraging between USDT and USDC via the redemption/minting process
- Large holders looking to de-risk their portfolios due to USDC’s transparency, namely monthly attestations and full-reserve backing.
Data from Coinmetrics’s ATLAS blockchain analytics and account explorer API reveals that from May 9 onwards, 147 Ethereum addresses increased their USDC balance by ≥1M while subsequently reducing their USDT balances by ≥1M. Furthermore, 23 of the 147 addresses added ≥ $10m USDC while shedding ≥$10m USDT in the process.
MoneyGram Picks USDC to Bridge Crypto and Fiat Worlds
The USDC centralized cash and cash equivalent reserve-backed stablecoin has also been linked to remittances giant, MoneyGram. The global money transfer company is reportedly working with the Stellar Blockchain to enable its users to convert their crypto holdings into USDC which can then be liquidated using MoneyGram’s network.
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