Circle: Since its launch, the circulation of USDC has increased at an average annual rate of 860%

According to reports, Circle, the issuer of the stable currency USDC, said that in the past few years, the stable currency operating like digital cash has grown rapidly. Since its launch in 2018, the circulation of the USDC has increased at an average annual rate of 860%. Compared with the average growth rate of legal dollar of 8% in the same period, the importance of digital currency to global business is increasingly obvious.

Interpretation of this information:

The message talks about the significant growth of the stable currency USDC, which operates like digital cash. The reports suggest that the circulation of USDC has seen a rapid increase in the past few years since its launch in 2018. The statistics show that the USDC’s circulation has grown at an average annual rate of 860%, which is an exceptional rate. In contrast, the average growth rate of the legal dollar in the same period was only 8%.

This information implies that the importance of digital currencies for global business is becoming increasingly evident. Due to the convenience and accessibility of digital currencies, they have become the go-to option for people worldwide. The COVID-19 pandemic has made digital transactions even more popular, as people are advised to avoid physical contact whenever possible. Therefore, the rapid growth of USDC’s circulation can be attributed to its effectiveness as a virtual currency.

The stablecoins like USDC allow users to secure and protect their funds in digital wallets. With the increasing acceptance of digital transactions, stablecoins have become a viable alternative to traditional currencies. Stablecoins are blockchain-based virtual currencies that are pegged to real-world assets like gold, currencies, or commodities. Due to their stable price and instant transaction processing, businesses have been attracted to stablecoins.

In conclusion, the message indicates that digital currencies are becoming increasingly popular among people worldwide, especially for global businesses. The rapid growth in USDC circulation signifies the dominance of digital currencies in facilitating global payments. As more individuals and businesses continue to adopt digital currencies, the future of traditional currencies that require face-to-face transactions seems bleak.