Understanding the Growing Popularity of USDC Supply in Smart Contracts

According to reports, Glassnode’s latest report released on March 27th emphasizes that the percentage of USDC supply in smart contracts is expected to soar. The data shows that the percentage has risen to 42.08%, a six-month high. The supply volume of USDT in smart contracts accounts for 14.0%, compared to a maximum of 14.7% this year. This indicates that USDC is more widely used for transactions related to smart contracts.

The percentage of USDC supply in smart contracts has risen to 42.08%

Smart contracts have revolutionized the way transactions take place in the digital world. These self-executing digital contracts are automated, transparent, and secure, making them popular among businesses and individuals worldwide. One of the most popular cryptocurrencies used in smart contracts is the USD Coin (USDC). Glassnode’s latest report released on March 27th emphasizes that the percentage of USDC supply in smart contracts is expected to soar. The data shows that the percentage has risen to 42.08%, a six-month high. The supply volume of USDT in smart contracts accounts for 14.0%, compared to a maximum of 14.7% this year. This indicates that USDC is more widely used for transactions related to smart contracts.

Benefits of USDC in Smart Contracts

USDC is a stablecoin that is pegged to the value of the US Dollar, making it less volatile than other cryptocurrencies. Unlike traditional currencies, USDC transactions are executed within minutes, providing a secure and transparent platform for conducting transactions.

Safety and Security

Smart contracts are self-executing, and once they are triggered, the code cannot be altered, making them more secure than traditional contracts. By using USDC in smart contracts, transactions become immutable, meaning they cannot be manipulated, providing users with an added level of security not found in traditional contracts.

Transparency

Smart contracts operate in a decentralized blockchain network, where all transactions are recorded on a public digital ledger. This provides complete transparency on all transactions, making it easier to track and verify the validity of transactions conducted using USDC.

Ease of Use

USDC and other cryptocurrencies offer a streamlined process for conducting transactions. Unlike traditional banking systems, cryptocurrencies like USDC eliminate intermediaries, reducing transaction fees and increasing transaction speeds.

Growth of USDC in Smart Contracts

There has been a significant increase in the use of USDC in smart contracts, potentially due to the benefits they offer. In the last six months, there has been a steady rise in the percentage of USDC supply in smart contracts to 42.08%, indicating a growing preference for USDC in smart contracts.
The Glassnode report also indicated that the supply volume of USDT in smart contracts is only 14.0%, indicating that USDC is more widely used for transactions related to smart contracts. This trend highlights the potential of USDC in smart contracts and its potential to overtake other cryptocurrencies used in smart contracts.

Conclusion

USDC’s increasing popularity in smart contracts indicates its growing appeal for conducting secure and transparent transactions. Its stable value, ease of use, and potential for growth have made it a preferred cryptocurrency used in smart contracts. As these contracts become more popular worldwide, it is likely that the use of USDC in smart contracts will continue to rise.

FAQs

What is USDC?

USD Coin (USDC) is a stablecoin pegged to the value of the US Dollar, making it less volatile than other cryptocurrencies.

What are smart contracts?

Smart contracts are self-executing digital contracts that automate, secure, and transparently enforce the terms of an agreement between two parties.

Why is USDC preferred in smart contracts?

USDC’s stable value, transparency, and ease of use have made it a popular cryptocurrency used in smart contracts. Its increasing popularity indicates its potential to overtake other cryptocurrencies used in smart contracts.