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Is Circle’s USC Coin(USDC) Becoming the More Preferred Stablecoin than Tether(USDT)?

stablecoin

The post Is Circle’s USC Coin(USDC) Becoming the More Preferred Stablecoin than Tether(USDT)? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The most popular Stablecoin, Tether(USDT) currently, appears to be in a deep soup as the market cap after shrinking constantly has reached a 6-month low. On the other hand, the USD Coin (USDC) gained huge popularity while the volume is recording a massive jump in the past couple of days. Therefore with the present momentum, the USDC may even surpass USDT to become the 3rd largest asset after Bitcoin and Ethereum very soon. 

USDT had lost its peg soon after the UST de-peg event when the traders dumped huge amounts of USDT falling into FUD. The platform quickly jumped in action and burnt 3 billion tokens to stabalize the peg. No doubt, the peg was stabilized but never regained its value at $1 since then. Therefore, as many traders, currently just were to get out of USDT, USDC now appears to have become the safe heavens for the traders. 

Also Read: After Terra(LUNA), Celsius Network(CEL) & 3AC, Babel Finance in Deep Waters

So whether USDC reserves are currently safer than USDT? 

It is a known fact that Tether is the most traded crypto asset each day in the market. But now, with a drastic fall, USDT could be de-throned shortly. The USDC market cap is constantly raising since the time when USDT tumbled. Currently, it is at an all-time high level of above $55 billion and short of another $14 billion to become the top 3rd asset. 

On the other hand, the on-chain reports suggest that USDC may achieve this milestone in a short while. The new addresses and the active addresses recently spiked high with the total active addresses currently at the ATH levels, indicating a swelling user adoption. 

usdc

Collectively, USDT’s dominance appears to have been threatened by emerging stablecoins like USDC and BUSD. Mainly due to the fact that USDC & BUSD are fully backed to USD reserves while USDT still lags clarity. Therefore in the upcoming days, USDC may gain huge dominance as the platform has now announced a Euro-backed USDC to be rolled out by the end of June 2022.

Also Read: In the Middle of the Bear Market, Bitcoin(BTC) prices Project A 15% Upswing to Hit $24,000

Blockchain Analytic Firm “FlipSide Crypto” Launches ShroomDK NFTs

The latest report confirms that Flipside Crypto, a blockchain analytic firm, has successfully launched its online software development kit (SDK). The new NFTs-based software kit called “ShroomDK” will provide an automated means to pull multi-chain data via software. In a June 30 announcement, Jim Myers, the co-founder of Flipside Crypto, confirmed the successful launch of::Listen

The latest report confirms that Flipside Crypto, a blockchain analytic firm, has successfully launched its online software development kit (SDK). The new NFTs-based software kit called “ShroomDK” will provide an automated means to pull multi-chain data via software.

In a June 30 announcement, Jim Myers, the co-founder of Flipside Crypto, confirmed the successful launch of the software development kits. According to Myers, the ability to pull blockchain data from multiple chains in an automatic version has been a missing infrastructure for developers and analysts.

ShroomDK is simply a kit of software-building tools delivered online instead of locally on machines. ShroomDK can be used to create applications for specific devices or operating systems. The tokenized ShroomDKs will allow users to resell their utilized software development kits.

According to the top executive, the new software kits will allow developers and analysts to pull data from popular blockchains, such as Ethereum (ETH), BNB Chain (BNB), and Avalanche (AVAX), THORChain (RUNE), Flow (FLOW) and Algorand.

While commenting about the new crypto development, Dave Balter, the co-founder, and CEO of Flipside Crypto, outlined that the new software kit will offer users a chance to squeeze more value out of their software licenses. Moreover, the NFTs-based ShroomDK will save users from managing nodes and complex data pipelines:

“Wrapping SDK access in an NFT gives a user control over their license. Software licenses are often a sunk cost, meaning if you don’t utilize the purchased license it goes to waste. That’s not great for the end-user, and it’s not great for the provider of the product.”

“By transforming the license into an NFT, remaining usage can be resold to anyone. This benefits the original holder who can transform a sunk cost into something of value and allows new users to try out a product at a discount.”

ShroomDK NFTs Explained

Interestingly, developers can apply the new tech to enable NFT users to increase their pull capacity via additional free NFT called “Spores.” The new NFTs went live last month, gaining demand from more than 50 analysts and organizations in the crypto space.

According to Balter, users can use these NFTs for other specific uses rather than being used them as speculative digital assets. Balter emphasized these NFTs are important, given the current bear market:

“Crypto winter has put an added pressure on every blockchain to grow and retain developers and users. Project utility is king, but it requires continuous insights for builders to get it right. That’s why ShroomDK is needed now.”

Launched in 2017, Flipside Crypto is renowned for enabling on-demand analytics for blockchains and providing data and intelligence to crypto firms. The blockchain analytic firm offers a free open data platform for the analyst to learn, collaborate and compete to solve analytical challenges.

The software development kit (ShroomDK) come a few months after FlipSide closed its Series A funding round that secured more than $50 million in April. At the time, the funding initiative saw the participation of Republic Capital, Dapper Labs, and Galaxy Digital Ventures.

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Is Circle’s USC Coin(USDC) Becoming the More Preferred Stablecoin than Tether(USDT)?

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