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USDC Supply in Smart Contracts Expected to Soar, says Glassnode Report

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According to reports, Glassnode\’s latest report released on March 27th emphasizes that the percentage of USDC supply in smart contracts is expected to soar. The data shows that the

USDC Supply in Smart Contracts Expected to Soar, says Glassnode Report

According to reports, Glassnode’s latest report released on March 27th emphasizes that the percentage of USDC supply in smart contracts is expected to soar. The data shows that the percentage has risen to 42.08%, a six-month high. The supply volume of USDT in smart contracts accounts for 14.0%, compared to a maximum of 14.7% this year. This indicates that USDC is more widely used for transactions related to smart contracts.

The percentage of USDC supply in smart contracts has risen to 42.08%

Glassnode’s latest report, released on March 27th, highlights the expected rise of USDC supply in smart contracts. According to the data, the percentage has already increased to a six-month high of 42.08%, while USDT supply only accounted for 14.0%.

Why USDC is More Widely Used for Smart Contract Transactions

The report clearly shows that USDC is more frequently used for transactions related to smart contracts than other cryptocurrencies. This can be attributed to several factors, including:

1. USDC’s Stability

Stability is a crucial factor when it comes to smart contract transactions. USDC is a stablecoin, meaning it’s pegged to the US dollar, which provides a level of stability that other cryptocurrencies lack. This makes it an appealing option for many traders looking to execute transactions in a volatile market.

2. Wider Acceptance

USDC is a widely accepted cryptocurrency, making it easier for traders to use in smart contract transactions. Moreover, many exchanges and trading platforms support USDC, making it more accessible to traders worldwide.

3. Lower Transaction Fees

Transaction fees are an essential consideration for traders when choosing a cryptocurrency for smart contract transactions. USDC offers lower transaction fees than many other cryptocurrencies, making it an attractive option for traders looking to save on transaction costs.

The Future of USDC in Smart Contracts

The data from Glassnode’s report suggests that USDC’s use in smart contracts is expected to increase further. As more traders recognize the benefits of USDC, we can expect to see a surge in its demand in smart contract transactions.
Furthermore, the rise of decentralized finance (DeFi) platforms is expected to drive the demand for USDC even higher. The stablecoin’s stability and wider acceptance make it an appealing option for traders looking to participate in DeFi activities.

Conclusion

As highlighted by the Glassnode report, USDC’s stablecoin status, wider acceptance, and lower transaction costs make it a preferred option for traders looking to participate in smart contract transactions. With the expected increase in demand for USDC in the DeFi space, we can expect to see even more growth in its smart contract usage.

FAQs

Q1. What is USDC?
USDC is a stablecoin cryptocurrency that’s pegged to the US dollar, providing a level of stability for traders executing transactions in a volatile market.
Q2. Why is USDC more widely used for smart contract transactions?
USDC’s stability, wider acceptance, and lower transaction fees make it a preferred option for traders looking to execute smart contract transactions.
Q3. What does the Glassnode report indicate about USDC’s future usage in smart contracts?
The Glassnode report suggests that USDC’s use in smart contracts is expected to increase further, especially with the rise of decentralized finance (DeFi) platforms.

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