Growing Trend of Deposits and Redeems of USDCs

03/11/2023 08:03 • Metaverse Matters • 86 views

It is reported that, according to Lookonchain statistics, in the past 24 hours, many encryption institutions have started to deposit or redeem USDCs into Circle. Coinbase, the cryptocurrency exchange, has deposited 1.97 billion USDCs into Circle. The unknown institution with the address beginning with “0x3356” has deposited 222 million USDCs into Circle, 164 million USDCs into Jump Trading, and 138.5 million USDCs into FalconX.

Data: Coinbase has deposited 1.97 billion USDCs into Circle in the past 24 hours

Analysis based on this information:

Recent reports indicate that a growing number of encryption institutions have been taking part in depositing and redeeming USDCs into Circle. A thorough analysis of Lookonchain statistics provides insight into the transactions made by these institutions in the past 24 hours. Furthermore, Coinbase, one of the top cryptocurrency exchanges, has deposited a whopping 1.97 billion USDCs into Circle. In addition, another institution with an unknown address beginning with “0x3356” has deposited 222 million USDCs into Circle, 164 million USDCs into Jump Trading, and 138.5 million USDCs into FalconX.

The rising trend of depositing and redeeming USDCs is significant for several reasons. First, USDCs, or USD Coin, is a stablecoin that is pegged to the US dollar’s value. This means that for every USDC in circulation, there is a corresponding US dollar set aside in reserves. As such, it offers a stable alternative to highly volatile cryptocurrencies such as Bitcoin.

Second, the depositing and redeeming of USDCs into Circle may indicate a growing demand for stablecoins as more investors become wary of market volatility. Stablecoins provide a reliable store of value while also allowing for easy transferability across borders. They are also a convenient way to move funds across different cryptocurrency exchanges, which can often have different fiat and cryptocurrency pairing options.

The fact that the anonymous institution mentioned above has deposited USDCs into multiple platforms suggests that they are actively trading in the market. The amounts of USDCs deposited and redeemed by both Coinbase and the unknown institution are significant, indicating a growing confidence in the resilience of the cryptocurrency market.

In conclusion, the growing trend of depositing and redeeming USDCs into Circle offers insight into the changing landscape of cryptocurrency investments. As the market becomes more volatile, the use of stablecoins such as USDCs provides a much-needed stable alternative to Bitcoin and other cryptocurrencies. Additionally, the substantial amounts of USDCs deposited and redeemed by institutions such as Coinbase and the anonymous institution beginning with “0x3356” imply a growing confidence in the market’s resilience.

Overall, it can be said that the increasing demand for stablecoins like USDC is a growing trend to be closely watched in the evolving cryptocurrency market.

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Growing Trend of Deposits and Redeems of USDCs

Data: Coinbase has deposited 1.97 billion USDCs into Circle in the past 24 hours

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