The demand for stablecoins USDC and USDT, widely used to maintain stability in the cryptocurrency market, has surged recently. According to monitoring by ChainKechur and On-Chain Lens, Circle minted an additional $1 billion worth of USDC on the Solana blockchain within the past nine hours. Furthermore, Circle and Tether collectively minted $2 billion worth of USDC and USDT over the last eleven hours. Both USDC and USDT are stablecoins pegged to the US dollar, serving as reliable currencies for investors and traders in the crypto market. Circle is the founding organization behind USDC, while Tether is the largest issuer of USDT. Solana, known for its high speed and low transaction fees, facilitates easy minting and transactions of these stablecoins. This minting activity signals growing demand for stablecoins, which help mitigate volatility in cryptocurrency prices. Additionally, Solana’s efficient blockchain infrastructure offers users faster and more cost-effective services, contributing to the increase in USDC and USDT minting. Although the rising minting of stablecoins indicates investor confidence, market uncertainties and regulatory concerns necessitate caution among investors. The demand and usage of these stablecoins are expected to grow further, especially in decentralized finance (DeFi) and other blockchain applications.
Source: binance
