Bitcoin
BTC$49 930.71

-0.82%

Ethereum
ETH$4 398.34

2.40%

Binance Coin
BNB$604.70

5.45%

Tether
USDT$0.999730

0%

Solana
SOL$191.21

1.34%

Cardano
ADA$1.37

0.31%

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

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Circle Reveals Assets Backing USDC Stablecoin
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Stablecoin growth could affect credit markets, rating agency warns
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USDC set to become dominant stablecoin on Ethereum
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Coinbase will pay users 4% interest on USDC holdings
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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.4% 48 $49 930.71 -0.82% -12.44% $943 470 946 757 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80% 39 $4 398.34 2.40% -4.02% $521 916 919 372 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 78.8% 35 $604.70 5.45% -2.89% $100 865 065 822 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999730 0% -0.14% $76 305 698 656 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 70.4% 61 $191.21 1.34% -15.62% $58 767 135 668 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 60.8% 77 $1.37 0.31% -11.42% $45 843 582 011 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999084 0.05% -0.12% $41 003 048 789 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 68% 65 $0.853317 5.14% -12.95% $40 316 898 132 XRP 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 64% 70 $29.04 -1.01% -20.13% $28 675 211 460 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 63.6% 75 $74.31 8.29% 16.04% $28 302 225 841 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 69.6% 65 $0.177706 0.12% -14.26% $23 535 429 066 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 65.6% 77 $91.59 3.37% -22.82% $22 238 588 785 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 60% 79 $0.000037 0.47% -14.04% $20 134 542 687 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 66.8% 70 $2.33 1.51% 10.74% $16 487 352 139 MATIC 7 days price change
15 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 60% 78 $0.609756 -1.35% -15.04% $15 404 283 513 CRO 7 days price change

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