Cryptocurrencies
Stable Coin Backed by Circle, Coinbase Draws Most Early Demand
- USD Coin issuance at $127.4 million after September debut
- Tokens are being used to wait out price swings amid slowdown
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The cryptocurrency supported by a consortium that includes Circle Internet Financial Ltd. and Coinbase Inc. appears to be the early favorite among the recent slate of high-profile digital coins marketed as being coupled to the U.S. dollar.
More than $127.4 million of USD Coin, as the so-called stable coin is known, have been issued since its September debut, according to crypto data tracker Etherscan. Introduced the same month, Paxos Standard has garnered $108 million in funds, while Gemini Dollar received nearly $13 million, according to Etherscan.