![]() In conclusion, adding USDC to MetaMask is quite easy. That said, it is always important to double check with the official USDC website and MetaMask wallet before making any transactions. This means that users can be sure of their safety when using these addresses as they are secure and verified. Furthermore, the USDC contract addresses on Coingecko have been verified and approved by the respective networks. This is because MetaMask wallets are non-custodial and have no central authority controlling them. Yes, it is absolutely safe to hold USDC on MetaMask. These include Ethereum, Polygon, Solana, BNB Chain, Avalanche, Arbitrum, Optimism, METIS and many others. Specifically, USDC is making strong progress in Asia, Latin America, and Africa.USDC is the most widely available and safest stablecoin on all major Layer 1 and Layer 2 protocols. Not only that, the CEO of Circle, Jeremy Allaire, revealed that 70% of USDC adoption is outside the United States of America. In contrast, the Tether stablecoin (USDT) has experienced total market cap growth over the past year, rising from $66 billion to the current $84 billion.Īnd yet, USDC remains the second largest stablecoin by market cap and the sixth largest in the overall crypto rankings. ![]() In fact, USDC’s market cap has dropped from $54 billion last year, to the current $26 billion. Looking at USDC’s graph in terms of market capitalization, the Circle stablecoin has seen a complete halving since last year. Obviously, this statement had prompted USDC holders to abandon the idea that such stablecoin was “safe.” This was because the day after the bank fell, Circle had declared that 3.3 billion of USDC reserves remained pegged to Silicon Valley Bank. The current performance of USDCĪfter the shutdown of Silicon Valley Bank in March 2023, Circle’s stablecoin, USD Coin (USDC) saw a collapse in volume. At that time, Binance was not yet able to demonstrate that it held the necessary reserves to cover all crypto assets. That initial audit, which Mazars successfully audited, was based on BTC alone. Mazars is one of the most prominent auditing firms based in Paris, and in view of the distrust that was brewing at the time, it was Binance’s CEO Changpeng CZ Zhao who had contacted it. At that time, it was the auditing firm Mazars that asserted that Binance’s Bitcoin reserves were fully guaranteed. The issue regarding the importance of certified PoR for centralized crypto-exchanges arose particularly after the collapse of FTX in November 2022.Īs early as the following month, Binance had audited its Bitcoin reserves. Specifically, in the period from 12 March to 1 May, Binance reportedly purchased about 100,000 BTC and 550,000 ETH, which amounted to about $3.5 billion, the same amount of surplus USDC it held. With the failure of Signature Bank, Binance then decided to sell its USDC reserve in exchange for BTC, ETH, and USDT. As of 1 March 2023, that USDC reserve amounted to $3.5 billion. ![]() 1/ Binance proof of reserves, the table shows how CZ was withdrawing dollars from US banks after the collapse of Silvergate and Signature banks, at the same time preventing the crypto from collapsing… /zGKNkve6y6- Aleksandar Djakovic August 7, 2023īasically, Djakovic described how as early as the beginning of the year, the industry’s most popular crypto-exchange, Binance, was already converting its USDC deposited by users into BUSD, but keeping USDC as a reserve.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |