USDC Deposits
Introduction
USD Coin (USDC) is one of the leading stablecoins or stable cryptocurrency in the crypto market. It was born in 2018 and is currently under the management of the Center consortium, a project composed of duly regulated organizations in the US and Europe, such as Coinbase and Circle. Its main feature is that its price is associated in 1:1 ratio with the US dollar (1 USDC= 1 USD). This is achieved thanks to the fact that it is backed by financial assets in the accounts of its creators (such as bonds, coins, shares, among others), so that each USDC that is minted has its due backing in an asset with a denomination equivalent to 1 dollar. USDC is an ERC-20 token that operates over the Ethereum network, the second most important blockchain currently, so details about its issuance and circulating capital are available for public consultation on the network.
As we can see in the first graph, during the end of May until today, there have been two considerable peaks. On May 31, an amount of approximately 30k was deposited. While on June 14, 2022, 3.4M has been deposited, an amount much higher than in May. The other peak was on June 18, with an amount of 2.9M. Even so, it varies a lot depending on the day, since on June 22, 20k was deposited.
In the second graph, we can see the accumulated USDC deposited during the last month. It can be clearly seen that it has been growing strongly. At the end of May it accumulated an amount of approximately 100k. Every day that goes by, more USDC is accumulated. On June 22, I had accumulated an amount of 10M. Therefore, we can say that during this last month it has risen very fast.
In this graph, we can see the median deposit of USDC per user. Each user has deposited an amount of 98k. This is a very high amount
Key insights
- On May 31, 2022, an amount of approximately 30k was deposited.
- On June 14, 2022, 3.4M has been deposited.
- The cumulative USDC deposited during the last montt can be clearly seen that it has been growing strongly.
- On June 22, I had accumulated an amount of 10M.
- The average deposited per user is 98k.