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CryptoQuant, a respected blockchain analysis firm, released a brief report today on USDC liquidity. Apparently, Circle minted enough USDC stablecoins to reach its highest level in nearly two years.
CryptoQuant highlighted USDC liquidity in its latest report, revealing that Circle has minted enough stablecoins to reach their highest level in nearly two years.
According to the report, this liquidity injection could be linked to Circle's long-standing partnership with Cumberland, a prominent market maker in the ETF space. However, it remains to be seen whether this liquidity will be deployed immediately or held in reserve.
Interestingly, the report also noted that USDC liquidity has typically been injected during periods of BTC price consolidation or decline. This observation aligns with the narrative that institutions tend to accumulate during bear markets.
With USDC’s market cap increasing by over $9 billion in the past month and Circle’s continuous efforts to expand USDC's presence globally, this liquidity injection might be a strategic move by the stablecoin issuer.
However, it's important to note that USDC's dominance has been declining compared to other stablecoins like USDT. Despite this, Circle's strategy to highlight USDC's strengths, such as its regulatory compliance and transparency, seems to be paying off.
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