USDC Expands At 2021 Levels—What’s Driving The Surge?

Stablecoins, often taking the backseat from Bitcoin and other top cryptocurrencies, are now in the spotlight. According to on-chain data, the stablecoins market has surged to over $200 billion, with Tether’s USDT and USDC as the main growth drivers.

Based on CryptoQuant’s data, the stablecoins market increased by $37 billion since the first week of November last year, when Donald Trump won his second presidency. The same CryptoQuant report shared that the stablecoin’s performance may spill over to Bitcoin and other cryptos.

Alphractal shared the same data; this time, it highlights the growing role of USDC in the stablecoins segment. According to Alphractal, USDC is eating up the share of USDT, and other altcoins are fueling its rise in the industry.

USDC Nearing Its Key Resistance Level: Alphractal

According to Alphractal, the stablecoins market’s steady but steady expansion, with Tether at the top, is evidence of its tenacity. According to recent market data, altcoin trades are helping USDC gain traction. The research claims that altcoin sales frequently move to USDC, boosting the market’s supply.