Bitcoin
BTC$19 030.21

-0.32%

Ethereum
ETH$1 326.48

0.13%

Tether
USDT$1.000084

0%

USD Coin
USDC$0.999981

-0.01%

Binance Coin
BNB$276.61

-2.41%

XRP
XRP$0.486640

-3.42%

USDC is halfway to flipping PayPal


07 Apr 2021

#USD Coin

USDC has seen huge growth and is gaining fast on Tether, the king of the stablecoins. The co-founder and CEO of Circle, Jeremy Allaire, has made a bold prediction that the company-issued stablecoin is on track to surpass payments giant PayPal in terms of transacted dollar value.

The comments came in a tweet on Tuesday, in which Allaire alluded to the on-chain transaction volume for USD Coin (USDC) over the past year, which he reported as over half a trillion dollars. He added that this was already about half of the total payment volume for PayPal in 2020, hinting that a “flippening” could be coming soon.

As some respondents to the tweet noted, the two things are not necessarily comparable, as transactions on PayPal are used to pay for goods and services whereas USDC is primarily used on crypto exchanges for trading and speculation. But it does help put USDC’s growth spurt into perspective.

According to Statista, PayPal’s annual transaction volume was $936 billion for  2020, up 31.5% from the previous year, which saw $712 billion transacted. In the fourth quarter of 2020, PayPal’s net payment volume amounted to around $277 billion, representing 39% year-on-year growth.

In comparison, the market’s dominant stablecoin Tether (USDT) had hit $600 billion in cumulative transaction volume by mid-October 2020 and reportedly topped $780 billion by the end of the year. Daily volumes began to ramp up for stablecoins in the fourth quarter of 2020 as the bull market gathered momentum.

Messari currently reports adjusted daily volumes at $2.5 billion for USDC and $9.8 billion for USDT. In terms of circulating supply, Tether is currently at a record high of 43.3 billion USDT, according to Tether’s transparency report, while USDC has 11.3 billion in circulation, having grown 1,500% since the same time last year.

Tether is currently ranked the fifth cryptocurrency overall in terms of market cap according to CoinGecko, falling back following XRP’s 23% daily pump and Binance Coin’s (BNB) all-time high today. USDC is further down the list but is still the second-largest stablecoin in terms of market cap, ranked at 14th, just below Stellar (XLM).


Related

USDC whale holdings percentage lowest in almost two years
USDC whale holdings percentage lowest in almost two years
Crypto derivatives exchange Bitget to list USDC as collateral for margin trading
Crypto derivatives exchange Bitget to list USDC as collateral for margin trading
Circle Reveals Assets Backing USDC Stablecoin
Circle Reveals Assets Backing USDC Stablecoin
Stablecoin growth could affect credit markets, rating agency warns
Stablecoin growth could affect credit markets, rating agency warns
USDC set to become dominant stablecoin on Ethereum
USDC set to become dominant stablecoin on Ethereum
Coinbase will pay users 4% interest on USDC holdings
Coinbase will pay users 4% interest on USDC holdings

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 82% 28 $19 030.21 -0.32% -5.10% $364 618 489 584 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 56 $1 326.48 0.13% -8.81% $162 515 564 561 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000084 0% 0% $67 960 431 405 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $0.999981 -0.01% -0.01% $49 713 550 202 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.2% 17 $276.61 -2.41% -0.50% $44 627 031 173 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 64.8% 72 $0.486640 -3.42% 30.75% $24 258 385 474 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000205 0.02% 0.07% $20 521 449 661 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 32 $0.454931 -1.45% -5.80% $15 571 509 175 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 84% 31 $33.80 0.27% 0.09% $11 987 371 735 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 86.8% 14 $0.063036 -4.59% 2.47% $8 363 011 604 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78.8% 43 $6.31 -2.20% -9.86% $7 073 245 562 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $1.000136 0.03% 0.02% $6 930 359 263 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 73.2% 54 $0.761561 -1.51% -7.49% $6 651 718 356 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 42 $0.000011 1.38% -3.89% $6 272 885 542 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.