The Cardano network is seeing a rapid shift on its stablecoin scene, with the combined market capitalization surpassing $47 million. With the latest data showcased by community advocate Cardanians, the newly launched USDC is now the dominant stablecoin on the network.
Cardano seeing liquidity boosts
Per the on-chain data, USDC leads the top four stablecoins on Cardano. The list is completed by Moneta (USDM), Anzens USDA and Djed stablecoin, respectively.
Stablecoin activities on the Cardano network recorded a significant jump over the past week as USDC went live on the mainnet. Since then, Cardano has recorded a $10.68 million shift over the past seven days, up over 28%.
It is trailing USDC Moneta with a market cap of $14.53 million, and USDA and DJED recording $8.62 million and $3.66 million, respectively.
Over the past few years, community members have decried the lack of liquidity on Cardano. This reality prompted Founder Charles Hoskinson and other top stakeholders to ink a partnership with Circle to bridge this gap.
Liquidity in the form of stablecoins is considered a strong tool that can help in fueling the evolution of its decentralized finance ecosystem.
Besides stablecoin integration, the Cardano working group also has plans to expand this reach to other critical infrastructures to empower ADA holders.
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Stablecoin dominance war continues
The number of financial firms exploring stablecoin products has grown remarkably in the past few months. To compete in this space, Ripple Labs has expanded the reach of its RLUSD stablecoin on both Ethereum and the XRP Ledger.
Big firms like SBI Group are also planning to launch a stablecoin, matching related moves from counterparts in the United States and the EU.
Cardano is positioning for a good market share in the mid-to-long term, and core proponents are optimistic that the USDC token is a good move.