The supply of the Coinbase-backed stablecoin USD Coin (USDC) has grown by 250% since the start of 2020, including an 80% expansion in just the past two months.
After starting the year with a nearly $520 million market cap, USDC now ranks as the 16th-largest crypto asset with a $1.86 billion capitalization — beating out all other major stablecoins except for the $14.5 billion Tether (USDT) by at least four times.
Meanwhile, other stablecoins (most of which are pegged to the value of $1 US) have also seen significant growth this year, with DAI and Binance USD expanding by 970% and 800% respectively in 2020 so far.
Historic market cap of USDC, HUSD, PAX, BUSD, and DAI: CoinMetrics
However, the race is on for established stable tokens to consolidate market share before major financial institutions and corporations enter the fray with their own tokenized money.
On September 9, Fnality — a stablecoin project spanning 13 global banks that was