I saw that the SEC and the OCC issued guidance on fiat backed stablecoins yesterday. Better late than never. Because fiat backed stablecoins are seeing significant adoption this year.
I wrote a post about stablecoin adoption in June in which I said this:
I was perusing the crypto markets today and noticed that Tether, the grandfather of all stablecoins, is approaching a $10bn market cap, making it the third most valuable crypto asset after Bitcoin and Ethereum.I also noticed that USDC, the US Dollar stablecoin that Circle and our portfolio company Coinbase are behind, is approaching a $1bn market cap.https://avc.com/2020/06/stablecoin-adoption/
Well, today those numbers are up by 50% and 150% respectively, as you can see on Coinbase:
I heard about a transaction that closed last week in which the buyer sent millions of USDC to the sellers’ wallet.
Instead of wire instructions, scan a QR code and hit send.
This is the future my friends.