USDC Stablecoin is gaining huge popularity and attracting more and more investors. Recently Huobi and Oken Exchange announced the listing of USDC as a stablecoin support after the USDT (Tether) controversy started.
USDC was launched just a month back in September and has issued tokens worth over $127 Million since then. The current market cap of USDC has risen from just $24 Million to $126 Million in just 2 weeks.
Stablecoins have been in the trend ever since the top cryptocurrencies have seen a downward trend this year. Stablecoins are meant to be volatility free and are backed by fiat currencies such as US dollar or EURO. The company issuing the stablecoins have backed the same amount of fiat currency as the number of tokens in their bank accounts to maintain price stability.
Stablecoins prove to be beneficial to the whole cryptocurrency community as it helps to get rid of the dependence on fiat currencies as a base for trading.