Significant USDC Deposits by Cryptocurrency Institutions
It is reported that, according to Lookonchain statistics, in the past 24 hours, many encryption institutions have started to deposit or redeem USDCs into Circl…
It is reported that, according to Lookonchain statistics, in the past 24 hours, many encryption institutions have started to deposit or redeem USDCs into Circle. Coinbase, the cryptocurrency exchange, has deposited 1.97 billion USDCs into Circle. The unknown institution with the address beginning with “0x3356” has deposited 222 million USDCs into Circle, 164 million USDCs into Jump Trading, and 138.5 million USDCs into FalconX.
Data: Coinbase has deposited 1.97 billion USDCs into Circle in the past 24 hours
Analysis based on this information:
According to Lookonchain statistics, several cryptocurrency institutions have started depositing or redeeming USDCs into Circle in the last 24 hours. USDC (USD Coin) is a stablecoin issued by Circle and Coinbase that is pegged to the US dollar. Stablecoins are a type of cryptocurrency that aim to maintain a stable value, usually by being backed by a reserve asset such as fiat currency. They are often used as a means of transferring value on cryptocurrency exchanges without having to convert back into fiat currency, as they can be traded for other cryptocurrencies at a stable rate.
The largest USDC deposit came from Coinbase, the popular cryptocurrency exchange that also serves as a USDC issuer. Coinbase deposited 1.97 billion USDCs into Circle in the past 24 hours, which is a significant amount that could indicate increased demand for USDC from Coinbase’s users.
Another notable deposit came from an unknown institution with an address beginning with “0x3356”. This institution deposited 222 million USDCs into Circle, 164 USDCs into Jump Trading, and 138.5 million USDCs into FalconX. These institutions are all known to be active in the cryptocurrency trading market, with Jump Trading being a proprietary trading firm and FalconX being a cryptocurrency trading platform.
The reasons for these deposits are unclear, but they could signal increased demand for USDC as a stablecoin alternative to Tether (USDT), which has faced controversy over its lack of transparency and reserve backing. USDC is seen as a more transparent and regulated alternative to USDT, with Circle being a regulated financial services company and Coinbase being a publicly traded company.
In conclusion, the recent USDC deposits by cryptocurrency institutions into Circle could indicate increased demand for the stablecoin as a transparent and regulated alternative to other stablecoins such as USDT. While the exact reasons for these deposits are unknown, they could point to continued growth in the cryptocurrency trading market and increased adoption of stablecoins as a means of transferring value between different cryptocurrencies.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/8123/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Over 190 Companies May Need to Find New Banks After Silicon Valley Bank Goes Bankrupt
On March 13, according to foreign media reports, more than 190 companies around the world that have obtained loans from the bankrupt Silicon Valley Bank (SVB) may be looking for new banks. According to relevant data, SVB has participated in more than US $70 billion of transactions in the syndicated loan market, most of which are in the United States. The company also participated in about 18 transactions in Asia and 10 transactions in Europe. It is not clear about its specific participation in each transaction. (Golden Ten) More than 190 companies around the world may need to find another way to raise funds after the explosion of Silicon Valley banks Analysis based on this information:On March 13, foreign media reported that over 190 companies worldwide that obtained loans from Silicon Valley Bank (SVB) may need to find new banks. SVB recently declared bankruptcy, putting the future of the bank and its clients in question. Relevant data reveals that SVB…
-
Cryptocurrency Market Slightly Declines but Bitcoin and Ethereum are Still Dominant Players.
According to reports, according to CoinGecko data, the current total market value of cryptocurrencies is $1.19 trillion, with a 24 hour increase of – 1.8%. The 24 hour trading volume is $224.657 billion. Currently, the market value of Bitcoin accounts for 43.8%, and the market value of Ethereum accounts for 17.9%. Bitcoin’s market value accounted for 43.8%, reaching a record high Analysis based on this information:According to the latest reports, the current total market value of cryptocurrencies is $1.19 trillion, with a slight decline of 1.8% in the past 24 hours. Despite the minor dip, the cryptocurrency market has maintained its impressive growth throughout the year. This growth can be attributed to the increasing acceptance and adoption of digital currencies as a legitimate means of transaction. Bitcoin and Ethereum remain the two dominant players in the market, accounting for over 60% of the total market value. The market value of Bitcoin accounts for 43.8%, and its value has been relatively…
-
Decentralized Exchange Trading Volume Sets New Record
According to reports, Defi Llama data shows that on March 11th, with the anchor of the USDC, the single day trading volume of the Decentralized Exchange (DEX) hit a high of about $25 billion. Previously, DEX’s single day trading peak ($24.3 billion) occurred in May 2021, when the BTC price was approximately $65000 and the ETH price was approximately $4400. DEX trading volume hit a high of about $25 billion on the day of USDC’s anchor release Analysis based on this information:Keyword: Defi Llama, USDC, Decentralized Exchange The latest market report reveals that the daily trading volume of Decentralized Exchanges (DEXs) across the board hit $25 billion on March 11th. Defi Llama data indicates that the uptick was anchored by the stablecoin USDC. This milestone marked a significant increase in DEX trading volume compared to the previous peak of $24.3 billion, set in May 2021 at a time when Bitcoin and Ethereum prices soared to extraordinary heights of $65,000 and…
-
Mixed Results for China’s Stock Markets at the Opening
According to the news, at the opening of A-share, the Shanghai Composite Index closed at 3257 points, down 0.2%, the Shenzhen Composite Index closed at 11728.0…
-
OKX Web3 wallet and Web3 credential data network Galxe have reached official cooperation
On April 17th, according to OKXWeb3 Twitter, OKXWeb3 Wallet has reached an official partnership with the Web3 credential data network Galxe, allowing users to connect to OKXWeb3 Wa
-
The new Arkansas law stipulates that Bitcoin mines will have the same rights as data centers
On April 10th, it was reported that a new bill in Arkansas, which stipulates that Bitcoin mines will have the same rights as data centers, has been approved by the House and Senate
-
Huang Licheng’s Sale of NFTs in Preparation for Blur Airdrop
According to PeckShield monitoring, Huang Licheng (Twitter account Machi Big Brother) has sold 536 NFTs in Blur in the past 24 hours in order to prepare for Bl…
-
What does it mean when Bitcoin is dumped (Bitcoin falls 17.83% and faces a large sell-off)
What does it mean when Bitcoin is dumped? On November 30, 2019, many people sold
-
NFT Phishing Scam: 0x64bEf638B75bC24dFb8643bDDD5db2F9a03Ba4FF Transfers $1.2M to Tornado Cash
According to information, according to CertiK monitoring, the EOA account address 0x64bEf638B75bC24dFb8643bDDD5db2F9a03Ba4FF associated with the NFT phishing address 0x18D023 has t
-
Binance Takes a Step Further in Deeper Investments: Investing in Crypto Risk Fund
On March 1, Binance announced its investment in the newly established encryption risk fund Nomad Capital. Nomad aims to provide value for its portfolio project…
-
Coin On Releases Binance DeFi Wallet Supporting Mnemonics and Wallet Recovery
On March 31, it was announced that Coin On released a Binance DeFi wallet, which supports functions such as mnemonics and wallet recovery. Currently, BNB Chain and Ethereum are sup
-
What does leverage on Huobi mean?
What does leverage on Huobi mean? According to official news from Huobi, levera
-
What affects the rise and fall of Bitcoin (affecting Bitcoin prices)
What affects the rise and fall of Bitcoin? What affects the rise and fall of Bitcoin? What affects the rise and fall of Bitcoin? How Bitcoin entered from a highly volatile market to another highly volatile market has had a significant impact on the entire investment field. In the traditional financial market, investors tend to choose assets with high transaction risk, such as stocks and foreign exchange in the stock market, which is the case for Cryptocurrency; However, for the blockchain industry, this is not the case because blockchain technology itself has a mature application and development trend, and therefore there are also many uncertain factors Bitcoin, as digital gold, has a certain positive and negative correlation in price, similar to some other currencies. But as the market value becomes increasingly high and accepted by the mainstream, the increase in correlation can also make the price of Bitcoin exceptionally overvalued and sluggish, leading to investors being unable to rationally view…
-
BLUR Launch on Binance: Who is Luggis.eth and How Much Did He Spend?
According to reports, according to Twitter user ember monitoring, after Binance announced the launch of BLUR, Luggis.eth was the first whale to clear BLUR, but his cost was the hig
-
Buncombe County in North Carolina May Suspend Bitcoin Mining Operations for One Year
According to reports, Buncombe County in North Carolina is considering suspending new and existing Bitcoin mining operations in the region for one year. The suspension will give th
-
The Rise of NFTs: How Kraken, Sotheby’s, ChatGPT, dForce, and Immutable are Disrupting the Art World
21:00-7:00 Keywords: Kraken, Sotheby\’s, ChatGPT, dForce, Immutable
Overnight updates on April 14th at a glance
The world of art is experiencing a technological revolution as Non-Fu