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According to data from blockchain analytics firm Glassnode, USDC, one of the most widely used stablecoins, has seen an increase in its supply within smart contracts.

This positive development is in stark contrast to the coins recent struggles and also marks a notable departure from other stablecoins.

by glassnode The latest report on March 27 highlighted a promising increase in the percentage of USDC supply held in smart contracts. The data indicated that the percentage has increased to 42.08%, as shown in the graph. It marks a significant rise, hitting a six-month high for the stablecoin.

Source: Glassnode

Upon closer examination of the graph, it becomes apparent that the metric experienced a decline towards the end of 2022. Since then, it has gained momentum, beginning an upward trend in March. It maintained its growth even during the recent bank run, which resulted in FUD all around it.

The recent increase in the supply of USDC contained in smart contracts becomes even more significant compared to USDT. According to data from Glassnode, the supply percentage of USDT in smart contracts as of this writing was 14.0%, with the highest percentage this year reaching only 14.7%. He indicated that USDC was being used more widely for transactions related to smart contracts.

Source: Glassnode

An analysis of the Exchanges net flow volume comprising both inflow and outflow indicated that USDC had been experiencing consistent and robust flow across all exchanges.

However, the output volume has been noticeably higher recently and exceeded 55 million, at the time of writing.

Source: Glassnode

Also, according to Santiments transaction volume data, it has been exhibiting normal transaction activity for a stablecoin, with volume around $1.4 billion as of this writing.

Additionally, according to CoinMarketCap, USDCs market capitalization was over $33 billion. Thus, positioning it as the fifth largest cryptocurrency at press time.

Source: Feeling

In another notable development, MakerDAO recently approved a proposal affirming USDC as its primary reserve. The move indicated a vote of confidence in the stablecoin.

Furthermore, the recent rise of DeFi protocols is likely to have contributed to the increased supply of the stablecoin contained in smart contracts.

The USDC is recovering well from the setback it faced earlier in the month. It is also showing signs of growth and stability in the digital currency market.

source: ambcrypto.com

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USDC Is Rebounding With A Rise Of Smart Contracts, Here's Why - CryptoSaurus