A coin that's always worth $1—why is it on the leaderboard today? $USDC
Circle just released its Q3 report: USDC’s on-chain transaction volume reached $13.9 trillion in Q3, up 49% year over year, while its average circulating supply was $73.3 billion—the money is moving faster and faster, but earnings haven’t kept up.
Project snapshot: USDC is a USD stablecoin issued by Circle, backed 1:1 by cash and short-term US Treasuries. It has a market cap of about $69.9 billion, ranking fifth in the overall market, and is the second-largest stablecoin after USDT.
Catalysts: On November 4, Circle reported Q3 total revenue and reserve income of $865 million (+17%), net income of $226 million (+5%), and adjusted EBITDA of $317 million (+85%). Today at 17:30 and 17:35, Binance is also listing HYPEUSDC and TRXUSDC perpetuals, adding two more perpetual contracts settled in USDC.
Market data: Current price $1.0009, 24h -0.01%, range $1.0006–$1.0011; Binance spot 24h trading volume about $1.58 billion; Binance USDCUSDT perpetual 24h volume about $3.01 million, open interest about 3.41 million tokens worth approximately $3.41 million, funding rate +0.0006%/8h, near zero, next settlement at 20:00 CST; circulating supply about 69.9 billion tokens.
Risks: Supply is shrinking—the circulating supply of $73.9 billion at quarter-end has fallen back to about $69.9 billion, with redemptions outpacing issuance. Reserve yields have fallen to about 3.5% as interest rates decline, and Q3 reserve income was down 8% year over year. In March 2023, USDC once depegged to $0.88, so the peg isn’t unbreakable. Stablecoins themselves have no room for price appreciation or depreciation, and USDCUSDT perpetual volume is only about $3.01 million, making liquidity thin—don’t trade it like a volatile coin.
Comparison: $BTC $73,612 (-1.04%), $ETH $2,053.09 (-2.30%); the broader market is down, while USDC is still $1.
What to watch next: Whether trading picks up in USDC-settled perpetuals after HYPEUSDC and TRXUSDC list at 17:30 and 17:35; whether USDC supply can stop falling and recover; and developments in Circle’s payments network and its acquisition of Tazapay.
Do you usually settle in USDC or USDT? Why?
For informational purposes only; this is not investment advice.
Circle just released its Q3 report: USDC’s on-chain transaction volume reached $13.9 trillion in Q3, up 49% year over year, while its average circulating supply was $73.3 billion—the money is moving faster and faster, but earnings haven’t kept up.
Project snapshot: USDC is a USD stablecoin issued by Circle, backed 1:1 by cash and short-term US Treasuries. It has a market cap of about $69.9 billion, ranking fifth in the overall market, and is the second-largest stablecoin after USDT.
Catalysts: On November 4, Circle reported Q3 total revenue and reserve income of $865 million (+17%), net income of $226 million (+5%), and adjusted EBITDA of $317 million (+85%). Today at 17:30 and 17:35, Binance is also listing HYPEUSDC and TRXUSDC perpetuals, adding two more perpetual contracts settled in USDC.
Market data: Current price $1.0009, 24h -0.01%, range $1.0006–$1.0011; Binance spot 24h trading volume about $1.58 billion; Binance USDCUSDT perpetual 24h volume about $3.01 million, open interest about 3.41 million tokens worth approximately $3.41 million, funding rate +0.0006%/8h, near zero, next settlement at 20:00 CST; circulating supply about 69.9 billion tokens.
Risks: Supply is shrinking—the circulating supply of $73.9 billion at quarter-end has fallen back to about $69.9 billion, with redemptions outpacing issuance. Reserve yields have fallen to about 3.5% as interest rates decline, and Q3 reserve income was down 8% year over year. In March 2023, USDC once depegged to $0.88, so the peg isn’t unbreakable. Stablecoins themselves have no room for price appreciation or depreciation, and USDCUSDT perpetual volume is only about $3.01 million, making liquidity thin—don’t trade it like a volatile coin.
Comparison: $BTC $73,612 (-1.04%), $ETH $2,053.09 (-2.30%); the broader market is down, while USDC is still $1.
What to watch next: Whether trading picks up in USDC-settled perpetuals after HYPEUSDC and TRXUSDC list at 17:30 and 17:35; whether USDC supply can stop falling and recover; and developments in Circle’s payments network and its acquisition of Tazapay.
Do you usually settle in USDC or USDT? Why?
For informational purposes only; this is not investment advice.
