USDC has been issued on the Tron chain and the circulation has exceeded 100 million

On July 1, Justin Sun, the founder of TRON, tweeted that the stablecoin USDC has been issued on the TRON chain, and the circulation volume on the first day of issuance has exceeded 100 million.

USDC (USD Coin) is an open standard and governance framework developed by Circle and Coinbase based on the open source architecture centre. It is a fully collateralized USD stablecoin and ranks second in the global stablecoin market value. USDC was initially launched on Ethereum in 2018 and was fully implemented on Algorand, Stellar and Solana chains at the end of 2020. It is currently circulating in more than 85 countries and regions around the world.

The value of USDC is pegged to the US dollar, and each USDC is backed by $1, providing users with a solution for purchasing and using tokenized legal tender for payment and virtual currency transactions. Developed by Centre and regulated by a series of policies of the Centre network, it ensures the independence of supervision and the quality of Circle's services. Most importantly, USDC corresponds to the amount of US dollars in custody, is not over-issued, and can guarantee US dollar withdrawals. It is also audited monthly to disclose 100% transparency of US dollar reserves.

It is reported that the issuance of USDC will greatly enrich the types of stablecoins connected to the TRON ecosystem, reducing the exposure risk of users to a single stablecoin. On the other hand, it will also provide a more transparent and compliant stablecoin option for tens of millions of TRON community members and developers. At the same time, USDC will further expand its share of the global stablecoin market.

At present, TRON has deployed three major stablecoins in the stablecoin field, including USDT, USDJ, and TUSD. With the arrival of the TRON version of USDC, the TRON stablecoin ecosystem will become more complete.

According to analysis by industry insiders, the issuance of the Tron version of USDC will have an important impact on the global landscape of the stablecoin market. With the huge demand for stablecoins in the Tron ecosystem, the circulation market of USDC can be greatly expanded, which is conducive to the implementation of USDC on multiple chains to enhance the network effect and support extensive interoperability between payment infrastructures. On the other hand, stablecoins are hailed as the medium linking the crypto world and traditional finance. Relying on the security and scalability of USDC, they can greatly guarantee the transaction security of the Tron ecosystem, which is of great significance to the healthy development of the Tron ecosystem.

According to Debank data, from January 2020 to mid-May 2021, the issuance of stablecoins increased from US$3.391 billion to US$58.570 billion, an increase of 1,627%. Among them, the issuance and proportion of USDC increased from US$519 million/15.3% to US$15.884 billion/27.1%, and the issuance growth rate from the beginning of 2020 to date has reached 2,962%.

As one of the world's three largest public chains, TRON currently has more than 42 million users, more than 2 billion transactions, and ranks first in the world in terms of stablecoin circulation. At the same time, TRON's ecosystem has also spread across many fields such as DeFi, NFT, stablecoins, decentralized exchanges, lending, and oracles.