USDC-USD trading pair hits record high as Aave and Compound receive over $2 billion repayment

03/14/2023 02:41 • Digital Disruptors • 83 views

It is reported that according to Kaiko’s research data, the trading volume of USDC-USD trading pair hit a record high of US $600 million on March 11, with Kraken as the main trading partner. In addition, Aave and Compound received more than US $2 billion in repayment on March 11, most of which were USDC.

Kaiko: The market depth of Coinbase in March halved, and the currency security fell by 13%

Analysis based on this information:

Kaiko’s research data has reported the trading volume of USDC-USD trading pair hitting a new record at $600 million on March 11. This substantial growth indicates the significant rise of USDC (USD coin), which has become one of the fastest-growing stablecoins. The USDC-USD trading pair is attributed to the increasing popularity of cryptocurrency trading, particularly in the United States.

The majority of the trading volume occurred at Kraken, one of the leading cryptocurrency exchanges worldwide. The increasing trading volume on Kraken indicates the growing dependence of cryptocurrency traders on the platform, further highlighting its significance in the market.

Furthermore, Aave and Compound received over $2 billion repayments on March 11, with USDC being the primary currency utilized for repayment. The significant repayments on Aave and Compound, both decentralized finance platforms, signify the growth of the DeFi market. Decentralized finance refers to financial services built on blockchain technology, promoting the opportunity for an inclusive, permissionless financial system, that is globally accessible and transparent.

The massive repayments on Aave and Compound indicate the importance of USDC as a primary stablecoin within the DeFi market, chosen for its stability and reliability, which is essential for these decentralized financial services. USDC is managed by the well-known cryptocurrency exchange Coinbase and technology company Circle, with the stablecoin being designed to maintain a stable valuation of $1 by employing a reserve system.

In conclusion, the recent report published by Kaiko’s research highlights the enormous growth of USDC-USD trading pair along with the increasing reputation of Kraken. With the significant repayments made on Aave and Compound platforms, these developments indicate the critical role of the DeFi market in the cryptocurrency ecosystem. The utilization of USDC, a stablecoin backed by two reputable entities, Circle and Coinbase, highlights the importance of stability in the cryptocurrency market in providing an alternative mechanism for conducting financial transactions.

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