Coinbase-Supported Stablecoin Reaches $1 Billion in Market Cap

A crypto currency that’s pegged to the U.S. dollar and doesn’t fluctuate much breached $1 billion in value for the first time, according to tracker CoinGecko.com.

USDC, which is offered by crypto firms Coinbase Inc. and Circle Internet Financial Ltd., began trading less than two years ago. Only one stablecoin, Tether, had been able to top that market capitalization.

Both Tether and USDC benefited from recent market volatility caused by the Covid-19 pandemic, which encouraged some traders to park assets in stablecoins. Many import and export businesses in Asia also use them to settle transactions.

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