Supported by the 3 trillion payment giants, Bitcoin soared by nearly 5%!
The controversy about Bitcoin has never stopped. Last week, the Fed Chairman, Powell made an argument that cryptocurrency is downplayed, causing Bitcoin to drop below US$51,000 from a high of nearly US$60,000. Since then, as the market revealed that the European Central Bank is prepared to accelerate digital euro, the price of Bitcoin has risen again. However, as the global payment giant, Visa announced that it allows the use of the cryptocurrency, USDC for settlement and payment on the network, the Visa’s partners can pay USDC through credit cards to complete transactions with fiat currencies, the Bitcoin prices skyrocketed once again.
Although the project that Visa cooperates with is a stablecoin, it still constitutes a positive for virtual currency. Affected by this news, Bitcoin rose from around US$55,000 to above US$58,000 within 24 hours, an increase of more than 5%. As of press time, Bitcoin is quoted at US$58,002. The stablecoin USDC became the first cryptocurrency payment by Visa.
Visa, a payment giant with a total market value of 418.8 billion U.S. dollars, revealed on the 29th that it will allow users to use USD Coin, a cryptocurrency pegged to the U.S. dollar, for settlement. Therefore, it is the latest mainstream financial institution to accept cryptocurrencies.
Visa stated it has launched a pilot program with crypto.com, a payment and encryption platform. It is planning to provide this option to more partners later this year. The USA Today reported that after Visa’s entry into the cryptocurrency, approximately 61 million customers can use cryptocurrency to make payments.
Al Kelly, the CEO of Visa, has also stated that Visa is seeking to purchase bitcoin through certificate.
What is USDC?
USDC, a financial service provider focusing on blockchain, was issued in 2018. It is a stablecoin 1:1 pegged to the US dollar and co-founded by Coinbase.
Circle is the company with the largest number of licenses in the crypto asset industry. It currently has payment licenses in the United States (including BitLicense in New York), the United Kingdom, and the European Union, and therefore has a compliance channel for the three mainstream currencies of the U.S. dollar, British pound, and euro to enter and exit the crypto assets.
Up to now, the total market value of stablecoins has been close to 61.7 billion U.S. dollars. Among all stablecoins, USDT is still the leader, and its asset scale has exceeded 22.4 billion U.S. dollars. While USDC ranked second, with assets reaching 10.7 billion U.S. dollars. Since the beginning of this year, the USDC’s growth rate has exceeded 60%, and it has now become the biggest competitor for USDT.
Although USDT is the leader of stablecoins, and it is centralized, this is also one of the biggest shortcomings of USDT. The U.S. Bitcoin ETF may be on its way, but VAST has officially listed the NGKEX on March 30, California time. After VAST is officially listed on the NGKEX, the trading pair of VAST and USDT will be officially activated on 23:00, March 30, California time. At present, ecological construction participants can recharge VAST normally, but please be reminded that ecological construction participants should pay attention to filling in the correct memo.