The number of USDCoins (USDC) in circulation, stablecoin from Circle startup, has grown amid falling markets. On March 14, CEO Circle Jeremy Allair announced reaching 568 million, and on Monday, March 16, the figure exceeded $597 million.
1/ #USDC surging in market demand over the past days, reaching new ATH at $568m in circulation. Fascinating to see "flight to safety" within the crypto macro market, but also demand for high quality USD liquidity for markets.
— Jeremy Allaire (@jerallaire) March 13, 2020
Allair believes that investor demand for the USDC will continue to grow amid the collapse of the regular and cryptocurrency markets, as well as the coronavirus epidemic.
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“People and companies will need the infrastructure through which they can make payments with less risk to the counterparty and more security,” he wrote.
Allair also noted that the pandemic has demonstrated that enterprises should rely more on decentralized infrastructure: “Programmable dollars, smart contracts, public networks = smart companies.”
Recall the audit firm Grant Thornton confirmed that at the end of 2018 USDC was fully provided with fiat reserves.