The market has observed that USDC is competing with the Tether, which is acknowledged as the master of stable coins. USDC has been the central topic of discussion in the market since the 6th of April, 2021, due to its astonishing monetary growth, which has drawn the attention of crypto traders and investors. It seems that with such progress in the coming time, USD Coin is going to give a tough competition even to Tether, which is no doubt is acknowledged as the master of stable coins in the market and because of which Jeremy believes that USD Coin will soon flip PayPal as well.
Jeremy D.Allaire, the CEO and co-founder of Circle, which deals with digital currency, has predicted the scope of USD Coin. He predicted that USDC is on the route to outpace the online payments firm PayPal. Jeremy Allaire tweeted on the 6th of April, 2021, in which he proclaimed the disclosed volume of transaction of USD Coin over the last year, which he claims worth more than 5 billion dollars.
Moreover, he also shared the captivating news stating that almost a quarter of this whole payment was made via PayPal in the recent year 2020, for which he believes and predicts that in the coming time, USDC will flip PayPal extraordinarily, which will excite and surprise the crypto market soon. Tweet represents that two things do not need a match essentially for the transaction via PayPal to pay for services and goods as USDC is basically used over exchanges for speculation, trading, and investing. No doubt it still helps to USD Coin’s growth eruption into perspective.
Statista represented that the transaction volume of PayPal over the year 2020 is worth more than $935 billion, which is 31.5% growth from the immediate last year 2019, which was $712 billion. The fourth quarter of 2020 showed a 39% year-on-year hike with an amounting volume of $277 billion.
Messari, an online database for the crypto market, represents that the volume adjusted on a daily basis for USDC is $2.5 billion and for USDT is $9.5 billion. While, as per Tether’s transparency report, Tether is having a record of 43.3 billion USDT and 11.3 billion USDCs in circulation, along with a growth of 1500% at the same moment of last year.