USDC - Why the Avalanche Token Rose 25% Today
Tokens for the Avalanche (CRYPTO: AVAX) blockchain network are skyrocketing on Thursday afternoon, posting a 24-hour gain of 25.4% at 3:30 p.m. ET. The jump started when financial-technology company Circle said that the USD Coin (CRYPTO: USDC) now is available on the Avalanche network, giving the smart contracts blockchain access to an unprecedented amount of liquidity.
Avalanche is the tenth-largest cryptocurrency by market value, clocking in at $25.2 billion today. USD Coin is even larger, with a $41.7 billion market cap, making it the seventh-largest digital currency (and the second-largest stablecoin ). The integration of a well-respected stablecoin will reduce transaction fees on the Avalanche network, which previously relied on Ethereum (CRYPTO: ETH) transactions to settle fees. Ethereum's transactions are notoriously costly and slow, so the USD Coin alternative is a major upgrade.
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Why the Avalanche Token Rose 25% Today