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Circle, the issuer of USDC, said the stablecoin will now be available on six more blockchains and layer-2 platforms , including Base, Cosmos, NEAR Protocol, Optimism, Polkadot, and Polygon. This development comes two days after Coinbase, the crypto exchange, said it had invested in Circle, paving the way for the dissolution of the Centre Consortium. According to a report on Aug. 23, the goal of this expansion is to spur USDC adoption . The stablecoin has steadily lost market share to USDT since March 2023 but remains one of the most liquid coins. In March, Circle revealed that it had over $3 billion in reserves at Silicon Valley Bank (SVB), which collapsed in the largest bank failure since the 2008 financial crisis. Following this news, USDC briefly depeg, allowing capital to shift over to USDT and more liquid coins, mostly Bitcoin and Ethereum.  Top stablecoins by market capitalization | Source: CoinMarketCap Currently, USDC is available on multiple platforms , including Ethereu...

While on-chain stablecoins settlements are growing rapidly, many people pointed out that comparing stablecoin settlements to Visa transactions is not fair as they represent two different things. Stablecoins play a very critical role in the crypto economy today and despite the recent run-down in the broader market, stablecoin volumes continue to dominate most exchanges. According to Coinmetrics data, on-chain stablecoin settlements reached over $7 trillion in 2022 and are expected to end the year at around $8 trillion. While the largest card network, Visa, processes ~$12tn/yr. Peter Johnson, co-head of the venture at Brevan Howard Digital, said that stablecoin settlements had already surpassed MasterCard and American Express. Furthermore, he predicted that in 2023 on-chain stablecoin volumes will surpass the Visa transaction volumes. He also noted that stablecoins volume would not only surpass Visa but most likely surpass the aggregate volume of all four major card networks (Visa, ...