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Circle’s 2024 USDC Economy Report Reveals Significant Growth in Stablecoin Adoption | IDOs News




Circle, a leading financial technology firm, recently released its 2024 State of the USDC Economy Report, marking a significant milestone in the evolution of digital currencies. The report, titled ‘Welcome to the Era of Open Money,’ provides a comprehensive overview of the USDC, a regulated stablecoin’s, performance and adoption trends, particularly in the context of the global regulatory environment for payment stablecoins.

The report highlights the remarkable growth of USDC in the financial ecosystem. One of the standout statistics is the 59% increase in the number of USDC wallets, with a balance of at least $10, reaching about 2.7 million in the past year. This growth is indicative of the increasing acceptance and usage of stablecoins in the broader financial landscape.

Since its introduction in 2018, USDC has been instrumental in settling over $12 trillion in blockchain transactions. In 2023 alone, Circle facilitated more than $197 billion of transfers between the banking system and blockchain networks through minting and redeeming. Furthermore, USDC has been a part of 595 million transactions from January through November 2023.

Circle’s Cross-Chain Transfer Protocol (CCTP), a significant technological advancement, has further enhanced the usability of USDC. The CCTP, launched in April 2023, has already facilitated 66,500 transactions. This protocol reduces friction, increases safety and security, and cuts costs when sending USDC across different blockchains.

The report also emphasizes USDC’s efficiency and cost-effectiveness. Even on Ethereum, known for high gas fees, the average cost per transaction with USDC was less than 1% of the transaction in 2023. On other networks, like Solana, it was even less than a tenth of a percent.

Jeremy Allaire, Co-founder and CEO of Circle, reflected on the transformative impact of USDC in enhancing financial inclusion and access. He noted that while the journey is still in its early stages, the 2024 report indicates growing momentum. Allaire highlighted the emerging regulatory clarity for stablecoins and the adoption of this technology by mainstream financial institutions, fintechs, internet firms, and enterprises, positioning USDC to play a central role in the new internet financial system.

The report also sheds light on USDC’s role in streamlining global finance, disrupting remittances, cross-border payments, aid disbursement, and charitable giving, and providing a stable store of value to counteract high inflation effects. This is backed by case studies with major financial service providers and technology leaders, including Visa, MoneyGram, Grab, Nubank, Stripe, Worldpay from FIS, and others.

In the broader context of decentralized finance (DeFi), USDC remains dominant. Despite challenges like the collapse of a key banking partner, USDC has maintained its position as a crucial stablecoin in the DeFi ecosystem. This resilience underlines the stablecoin’s robustness and the trust it has garnered in the market.

However, it’s not all positive news. The report acknowledges the challenges faced by USDC, particularly in terms of market capitalization. Peaking at $56 billion in June 2022, USDC’s market cap experienced a significant decline, dropping to just over $24 billion in mid-November 2023, a nearly 60% decrease. Despite this, the stablecoin has seen a rebound in recent months, adding more than $1 billion to its market cap and ranking seventh among all digital assets.

The 2024 State of the USDC Economy Report is a testament to the growing significance of stablecoins in the financial world. It underscores Circle’s commitment to fostering an inclusive, equitable, and promising future, paving the way towards a more accessible and efficient financial system.

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Binance Announces PIXEL Airdrop for RONIN Locked Products Holders | IDOs News




Binance Earn confirms support for the upcoming PIXEL airdrop, targeting users with RONIN locked products, setting a new milestone in user rewards.

In a significant development for cryptocurrency enthusiasts and investors, Binance Earn has officially announced its support for the Pixels (PIXEL) airdrop, exclusively targeting eligible users of RONIN locked products. This move signals Binance’s continued effort to reward its user base and foster the growth of the digital asset ecosystem.

Snapshot and Distribution Details

The PIXEL airdrop is structured to reward users based on their total RONIN locked products subscription amount at the snapshot time. The snapshot, which is crucial in determining user eligibility, was taken on February 8, 2024, at 23:59 (UTC). The airdrop scale is tiered, with rewards increasing in line with the amount of RONIN held at the snapshot time. The PIXEL tokens will be distributed directly to users’ Spot wallets and are expected to be completed by March 18, 2024, 12:00 (UTC).

Eligibility Criteria

To be eligible for the PIXEL airdrop, users must meet several criteria. It is essential that users hold a verified account with at least one active RONIN Locked Products position containing a minimum of 1 RONIN at the snapshot time. Furthermore, the account must be in good standing, without any restrictions imposed. It is important to note that U.S. persons, entities, and users from sanctioned countries are not eligible for this airdrop due to regulatory restrictions.

Implications for Investors

This airdrop serves as a testament to Binance’s commitment to providing value to its user base. By integrating airdrops with its locked products, Binance incentivizes long-term holding and investment within its platform. This strategy not only benefits users through potential airdrop gains but also stabilizes the locked products’ ecosystem by encouraging retention.

Regulatory Compliance

As the cryptocurrency space continues to mature, compliance with regulatory frameworks remains a critical focal point for major exchanges like Binance. The exclusion of U.S. persons and entities from the PIXEL airdrop underscores the complexities of navigating the regulatory landscape. Binance, through its adherence to these regulations, reinforces its position as a responsible player in the global market.

Market Volatility and Investment Caution

In line with responsible trading practices, Binance reminds its users that the digital asset market is subject to high risk and price volatility. Investments can fluctuate in value, and past performance is not indicative of future results. Users are encouraged to make informed decisions, considering their financial situation and risk tolerance, and to seek independent financial advice if necessary.


The PIXEL airdrop is a clear indicator of Binance’s user-centric approach and its ability to adapt to the evolving needs of the cryptocurrency community. As the platform continues to expand its offerings, users can look forward to more such initiatives that enhance their investment journey.

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Worldcoin (WLD) Investigated by South Korea’s Personal Information Protection Commission | IDOs News




Amidst privacy concerns, South Korea’s Personal Information Protection Commission has launched an investigation into Worldcoin’s data collection practices.

The Personal Information Protection Commission (PIPC) of South Korea has officially commenced an investigation into the cryptocurrency project Worldcoin (WLD) due to concerns over its data collection methods, which include the gathering of iris information. The commission detailed its course of action on March 4th, 2024, following a string of civil complaints regarding the privacy implications of Worldcoin’s operations.

Worldcoin has come under scrutiny for its collection of biometric data at various locations within South Korea. The PIPC’s inquiry will focus on compliance with the ‘Personal Information Protection Act’, particularly the collection and handling of sensitive data and the potential transfer of personal information overseas.

The PIPC, chaired by Go Hak-soo, has confirmed that associated Worldcoin entities are actively accumulating facial and iris recognition data across approximately ten sites within the nation. The commission’s proactive approach underscores its role as the guardian of personal privacy in South Korea, reflecting growing concerns globally over the intersection of privacy and technology in the digital age.

This news is particularly significant within the cryptocurrency and blockchain sectors, where the balance between innovation and user privacy is often debated. With the surge in popularity of cryptocurrencies and the increasing prevalence of blockchain technology in various aspects of daily life, the PIPC’s actions may set a precedent for how similar cases could be handled worldwide.

As the investigation unfolds, the commission plans to thoroughly examine the extent of the data collection, the security and consent protocols in place, and whether Worldcoin’s activities align with South Korean laws governing the protection of personal information. Should violations be found, the PIPC has pledged to take appropriate measures in accordance with the relevant legislation.

Given the intricacies of international law and the digital nature of cryptocurrency projects that often operate beyond traditional borders, the PIPC’s investigation into Worldcoin may also spark further discussions on international cooperation and regulation in the digital currency space.

This development serves as a reminder to all entities operating within the blockchain and cryptocurrency industries of the importance of adhering to local privacy laws and regulations. As digital currencies continue to evolve, the need for clear guidelines and adherence to privacy standards becomes increasingly paramount to ensure the protection of individuals’ personal information.

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zkLink Unveils Nova: Pioneering Aggregated Layer 3 Rollup for Ethereum Ecosystem | IDOs News




zkLink launches Nova, a Layer 3 ZK Rollup network, to unify Ethereum liquidity and elevate cross-rollup interoperability.

In a move to address liquidity fragmentation and interoperability challenges within the Ethereum ecosystem, zkLink has introduced Nova, the first aggregated Layer 3 ZK Rollup network. Nova’s mission is to foster a unified, interoperable rollup ecosystem, aggregating fragmented liquidity across various Ethereum Layer 2 Rollups.

zkLink Nova’s stack-agnostic architecture is a game-changer, promising to aggregate liquidity from any rollup irrespective of the underlying Layer 2 technology stack. This includes ZK Stack, Polygon CDK, and OP Stack, among others. Powered by zkLink Nexus technology, Nova benefits from Ethereum’s security features, ensuring that multi-chain state synchronization is achieved directly through Ethereum Mainnet.

Addressing Layer 2 Challenges

The Layer 2 rollups have played a significant role in scaling Ethereum’s network by reducing congestion and transaction costs. However, this advancement has led to new hurdles, such as fragmented liquidity and limited interoperability among the increasing number of Layer 2 solutions. Cross-rollup transactions have become either too costly or lack security when bypassing Ethereum L1. zkLink Labs’ introduction of an Aggregated Layer 3 rollup aims to consolidate fragmented liquidity and enhance the interoperability across the ecosystem, promising a seamless experience for users.

What zkLink Nova Brings to the Table

zkLink Nova is designed as an EVM-compatible network that allows DApp developers to deploy Solidity smart contracts on a single platform and access liquidity and native assets from all integrated networks. This unified approach simplifies the deployment process, making it more cost-effective and capital-efficient. Users will benefit from a single-chain experience, accessing DApps and assets from multiple Ethereum Layer 2 networks without the need to bridge assets across chains.

Revolutionizing Asset Aggregation

Nova’s architecture is set to automatically merge tokens like ETH from Layer 2s into a single entity within its network using ZK Proofs. Moreover, native Layer 2 tokens that were previously confined to separate networks can now be traded against each other on Nova, improving capital utilization for DeFi applications and unlocking new use cases.

A Unified Rollup Ecosystem

While other proposals such as OP’s Superchain and zkSync’s Hyperbridge offer solutions for liquidity unification, they are limited to specific technology stacks. zkLink Nova distinguishes itself by offering a stack-agnostic solution, aggregating the widest liquidity pool from the entirety of the Ethereum ecosystem, without the constraint of atomic interoperability of cross-rollup transactions.

Securing the Future

Inheriting Ethereum’s renowned security, Nova ensures every transaction is verified via zero-knowledge proof. The network’s multi-chain state synchronization guards against any security risk of false on-chain transaction submissions by malicious node operators.

The Road Ahead

With the upcoming launch of the zkLink Nova Mainnet Alpha, the blockchain community stands on the cusp of a new era. Nova is set to evolve into a fully decentralized network, with continuous improvements enhancing user interactions within the ecosystem.

For a more in-depth look at how zkLink Nova is building the ultimate Aggregated Layer 3 Rollup to unify Ethereum’s fragmented liquidity, view the full documentation at the zkLink blog.

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