- Circle has launched its stablecoin USD Coin (USDC) on Avalanche to push more dApps to launch on the blockchain.
- Proponents are bullish on Avalanche price and set a $91 fibonacci extension target for the token.
- The DeFi ecosystem's total value locked (TVL) on Avalanche has grown over 30-fold over the past five months.
Circle's launch of its stablecoin signals the firm's push in the DeFi ecosystem. The arrival of USDC on Avalanche blockchain makes it lucrative for other dApps to launch their projects in the ecosystem.
Analysts are bullish on Avalanche price, predict a 10% rally
The total value locked, similar to market capitalization for DeFi applications, has increased over thirtyfold for dApps on the Avalanche blockchain since August 2021. The growth of the DeFi ecosystem on Avalanche received a boost from the network's "Avalanche Rush" initiative, the $180 million incentive program.
Circle's USDC is now live on the Avalanche blockchain. This diversity push from the network that launched Tether's stablecoin USDT last month. USDC accounts for a third of the stablecoin supply in the crypto ecosystem, and its adoption is growing fast. The stablecoin has emerged as a key competitor to Tether.
Fiat-backed stablecoins could trigger a spike in the network's on-chain activity and drive developers to build their projects on the Avalanche blockchain.
Avalanche is compatible with Ethereum's smart contracts. Therefore USDC is available on C-Chain. The contract chain enables the creation of Ethereum compatible smart contracts. Circle's stablecoin is now present on a multitude of networks. USDC is available on Solana, Tron, Stellar and Hedera in addition to Avalanche.
USDC's arrival on Avalanche could trigger a bull run in the token. Analysts are bullish on Avalanche price and have predicted $91 and $142 as the token's next two fibonnaci extension targets.
Michaël van de Poppe, cryptocurrency analyst and YouTuber, expects Avalanche to resume its uptrend and rally 10% to the $91 target.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.