USDC - USDC Is Trending for These 2 Reasons. Is It a Buy?
The crypto winter has taken a lot of wind out of the sails that ballooned the world's largest cryptocurrency Bitcoin to more than $64,000 per token in late 2021. It has also taken a lot of interest out of the crypto market in general, with less buying activity this year.
Recently, however, the stablecoin USD Coin (CRYPTO: USDC) , which currently has a market cap of close to $50 billion, has been trending on Google following some recent news. USDC is not a cryptocurrency but rather a stablecoin, which is a digital asset pegged to a commodity or currency.
As its name suggests, USDC is pegged to the U.S. dollar on a 1-for-1 basis, meaning there are actual U.S. dollars in reserve accounts backing each USDC. Let's take a look at two reasons USDC is trending right now and then whether or not it's a buy.
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USDC Is Trending for These 2 Reasons. Is It a Buy?