Whale Alert reported the minting of 50 million USDC (worth $50.01 million) at the USDC Treasury. The USD Coin (USDC) price stands at $0.999851, with a 24-hour trading volume of $8.21 billion. In the past 24 hours, the USDC market cap is $35.49 billion, with a circulating supply of 35.5 billion USDC coins. Market activity around USDC appears mixed, with volume surges combined with cautious trading. Meanwhile, Circle has taken a major step by expanding USDC access in Brazil and Mexico.
💵 💵 💵 50,000,000 #USDC (50,010,000 USD) minted at USDC Treasuryhttps://t.co/qmliBKH1D4
— Whale Alert (@whale_alert) October 2, 2024
USDC Trading Volume and Market Sentiment
USDC trading volume hit 17.65 million USDC, showing strong liquidity and interest in the stablecoin. The Relative Strength Index (RSI) for USDC reads 42.76, suggesting a neutral to slightly oversold market. Values below 50 indicate that bearish momentum is still present. However, it has not reached extreme levels.
Read also: Blackrock’s DeFi Push Continues With $3.35M USDC Transfer to Ondo Finance
Source: TradingView
The Moving Average Convergence Divergence (MACD) shows a neutral stance with a reading of 0.0000. There is slight bearish pressure as the signal line sits slightly above the MACD line. Therefore, the market appears to lack strong directional momentum, which may indicate caution among traders.
USDC Derivatives Market Overview
The derivatives market around USDC also shows a neutral to slightly bearish sentiment. Trading volume increased by 15.41% to $8.61 million, suggesting rising activity. However, open interest dipped slightly by 0.35% to $8.91 million. The overall long/short ratio remains balanced at 0.979, with Binance traders slightly favoring long positions.
Source: Coinglass
Furthermore, liquidation data showed only $153.93 in liquidations, mostly from long positions, which suggests controlled risk management. Platforms like Binance, OKX, Bybit, and Bitfinex have the highest USDC derivatives trading volumes. Although the volume has surged, the slight decrease in open interest indicates a cautious market.
Circle Expands USDC Access in Brazil and Mexico
Circle, the company behind USDC, recently integrated the stablecoin with Brazil’s PIX and Mexico’s SPEI real-time payment systems. Now, businesses in these two major Latin American markets can convert their local currencies, Brazilian Reais (BRL) and Mexican Pesos (MXN) directly into USDC. Before this, cross-border transactions required lengthy international wire transfers and high fees.
This development should significantly improve transaction efficiency and reduce costs for businesses that use remittances and corporate finance. Also, this move gives companies in Brazil and Mexico access to faster, cost-effective transfers, allowing them to complete transactions in minutes instead of days.
In addition to improving transaction times, Circle’s integration with PIX and SPEI creates a direct link between local currencies and USDC, leading to smoother cross-border transactions. It also reduces reliance on traditional banking systems, which often have high costs and extended processing times. The improved liquidity and minimal settlement delays will likely be helpful for businesses that make frequent international transactions.
