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George Georgiev



Articles by George Georgiev

Bitcoin Futures ETF is Live, Generates $500M Volume in Its First Hour of Trading

1 day ago

The moment plenty of people in the cryptocurrency community have been waiting for quite some time is finally here. The ProShares Bitcoin Strategy ETF is live, trading on the New York Stock Exchange.
The moment many have been waiting for is here and the ProShares Bitcoin Strategy futures-backed ETF, ticked BITO, is now live and trading on the New York Stock Exchange (NYSE).
Data shows that the daily range is between $40.07 as a bottom and $42.1499 as a top, where the ETF currently trades at around $41.22.
More interestingly, in just an hour after being launched, the ETF has generated a trading volume of around 11.6 million shares.
This means that, in dollar value, the volume is already around $500 million.
For comparison, the Vanguard S&P 500 ETF (VOO), which is one of the

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The ‘Bitcoin Bubble’ Hasn’t Even Started Yet, Says Analyst

2 days ago

Bitcoin’s price is up a considerable 100% since the lows below $30K a few months back, but one analyst believes that the true “bubble” hasn’t even started yet.
According to CryptoQuant analyst who goes by the Twitter handle venturefoundEr, we have yet to see the real BTC bubble.
He argues that “bubbles form when the momentum of short-term returns attracts enough money that the makeup of investors shifts from mostly long-term to mostly shor-term.”
At the time of this writing, the short-term hodlers account for 17% of the supply distribution – a number that’s sitting at an all-time low.
Moreover, the narrative further dives into the reasons behind bubble formation and says that:
The formation of bubbles isn’t so much about people irrationally participating in long-term

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First Bitcoin Futures ETF Could Start Trading on Monday

5 days ago

It appears that years after the first Bitcoin ETF proposal was filed, the United States Securities and Exchange Commission (SEC) has decided to greenlight a futures-backed exchange-traded fund for the first time.
ProShares, the company which filed for its Bitcoin Strategy ETF, might be the very first one to see it launch next week.
It filed an amended prospectus which indicates that it could go live as soon as Monday.
It’s worth noting that this is not a standard ETF but a futures-backed one where the product is tied to Bitcoin futures contracts and not to Bitcoin itself.
Still, this is a major milestone for the cryptocurrency industry and one that might have considerable implications in the future.
Exchange-traded funds provide an easier way to receive exposure to the

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Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC

5 days ago

The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million.
In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to pay a fine worth $41 million.
This was issued by the CFTC on the grounds of “misleading statements and omissions of material fact in connection with the U.S. dollar token USDT.”
Additionally, the companies have been ordered to cease and desist from any further violations of the CEA (Commodity Exchange Act).
Going forward, the Commission also issued a separate order against BFXNA Inc., iFinex Inc., and BFXWW

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The Weekly Recap: $60K BTC, Polkadot Parachains & When ETF?

5 days ago

For the first time since April, Bitcoin’s price is back at $60,000. It’s a major psychological level, even though, from a technical standpoint, it doesn’t contain that much resistance. In any case, this followed a considerable weekly increase and rumors of the approval of a futures-backed Bitcoin ETF in the US. Let’s take a dive.
This time last week, Bitcoin was trading at around $54K, but it was mostly up from there. It had almost reached $58K by Tuesday when BTC went through a brief pullback to below $55,000. From there, the price took for the skies and shot up to around $58,500 on Thursday.
It all culminated today, though, as the BTC price finally reached the coveted $60K mark. It’s worth noting that today’s increase happened as Bloomberg reported that a futures-backed

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Polkadot Parachains Ready to Launch, Auction Dates Proposed

7 days ago

Polkadot was first introduced in a Whitepaper almost five years ago. Now, the heterogeneous multichain network announces a massive milestone – its parachains are officially ready to launch on the mainnet.
Polkadot Parachains Greenlighted
Polkadot’s parachains are one of, if not the most integral component of its network. They represent diverse and specialized blockchains that connect to Polkadot’s Relay Chain.
They also constitute the multichain aspect of Polkadot’s architecture and are the final piece of the puzzle, so to speak.
Today, Polkadot announced that parachains are ready to be launched, and the team, spearheaded by Gavin Wood and Robert Hebermeier, revealed that the first auction might begin on November 11th, 2021.
It’s important to note that parachains have

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Binance Announces $1 Billion Fund to Propel Binance Smart Chain Ecosystem

8 days ago

The world’s leading cryptocurrency exchange, Binance, has announced a $1 billion fund to further accelerate the development of projects in the Binance Smart Chain ecosystem.
Binance has just announced that it plans to put aside $1 billion towards the development of projects based on the Binance Smart Chain.
According to the official release, the program will be divided into four groups, each one of which aimed at different goals and challenges.
$100 million will go towards talent developments which will include mentoring communities, educating new investors, and so forth.
$100 million will go to provide liquidity to specific protocols based on different metrics such as innovation, active users, TVL, trading volume, and so forth.
$300 million will be invested in a builder

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What is Solana? Guide for Beginners

9 days ago

As innovative as it may be, blockchain technology faces particular challenges, including high fees, scalability issues, low throughput, and more.
Several projects in the DeFi space compete to become the first web-scalable blockchain and ensure that users have the best experience by tackling these common issues.
One of these, which is gaining traction in the DeFi community, is Solana. This open-source, censorship-resistant blockchain leverages a comprehensive set of technologies to amplify scalability and deliver a robust network for building decentralized applications (dApps).
What is Solana?
Solana is a decentralized protocol for building dApps with a reported throughput of 65,000 transactions per second (TPS) thanks to its distributed computing system.
Unlike most

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Analysis: The Distinction Between Bitcoin’s Market Cycles in 2017 and 2021

10 days ago

This analysis takes a closer look at some of Bitcoin’s structural market metrics and compares the current cycle to that of 2017.
The following is compiled by on-chain analyst CryptoVizArt for CryptoPotato.
Bitcoin’s NVT
NVT estimates the values of the network using its on-chain investor volume. As crypto analyst Willy Woo initially introduced this model, NVT Price is calculated by multiplying on-chain volume by the 2-year median value of NVT-Ratio (Market cap / Total on-chain transfer volume).
Back in 2018, after touching the cycle’s top, both 30-day & 90-day MA of NVT-price have declined continuously for almost 12 months. However, since the 50% drop that took place in May 2021, these moving averages are rising to levels above their previous peaks at 64K.
This variation in

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What is Kusama? Polkadot’s Canary Network Explained

10 days ago

Polkadot has undoubtedly become one of the more popular projects in the cryptocurrency field.  However, one of the most innovative aspects of its ecosystem is Kusama, Polkadot’s canary network.
While new blockchain projects can seem extremely repetitive and derivative, Kusama stands out as it is genuinely useful.
This guide aims to answer some of the following questions about Kusama: What it is, what it can do, and what risks are inherent with a canary network.
Overview of Kusama
Before we dive in, we need to establish two key items:  Polkadot and a “canary network.” To recap, Polkadot (DOT) is a blockchain network that:
Connects blockchains to each other
Enables users to easily build a blockchain with their Substrate framework
Hosts blockchains, handling their security

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Bitcoin Soars 25% Weekly, Taps Mid-May Highs: The Weekly Crypto Recap

12 days ago

It’s been a green week all across crypto land as positive sentiment and big gains returned to the market. Leading the scene is Bitcoin, with an impressive surge of around 25%, once again tapping the mid-May highs.
Just earlier today, Bitcoin reached a price of $56,000 – something that we haven’t seen since the middle of May this year, shortly after the all-time high and right before the massive 50% crash. Analysts believe that this move marks the completion of a bear trap and validates the continuation of this year’s bull market, though further confirmation is still required.
The interesting thing about this week is that we didn’t see a lot of back-and-forth price action, but it was rather “up only” in the crypto market. BTC was trading at around $47K this time last week

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FTM Price Soars 30% in a Day as Nansen Adds Support for Fantom Network

13 days ago

The price of FTM – the token behind the popular Fantom Network – has soared by as much as 30% today. This happened following the announcement that data-analytics provider Nansen added support for it.
Fantom is a smart contracts platform using the Proof of Stake consensus algorithm and is based on Direct Acylic Graph technology – it’s also implemented by other projects such as Hedera Hashgraph and IOTA.
In a press release from today, the team announced that Nansen – a well-known data analytics provider, has added support for the blockchain.
DeFi Lama reports that the total value locked in Fantom is currently over $5 billion, with a massive jump over the past 24 hours.
As a result of both, the price of Fantom’s native FTM token has increased by as much as 30% today, before

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Bitcoin Price Soared Above $55K, Highest Since May 2021

14 days ago

In a massive green candle, Bitcoin’s price managed to increase to as much as $55,555 on Binance, reaching a price that we haven’t seen since May this year.
Bitcoin is up by a whopping 10% in the past 24 hours, and a lot of it came in the past 60 minutes.
Chart by Binance
As seen in the above chart, the price reached an intraday high of $55,555 on Binance’s spot exchange before retracing to where it’s currently trading at around $54,000.
This was the highest BTC price that we saw since May 12th, 2021.
It’s also worth noting that Bitcoin’s market dominance is also on the rise, as altcoins fail to keep up with the pace. At the time of this writing, BTC’s dominance sits at almost 45% – the highest in almost two months.
The last hour saw a total of $162 million worth of

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Analyst Daniel Joe is Very Bullish on Bitcoin: But Here’s The Only Thing Can Change His Mind (Podcast)

15 days ago

Bitcoin’s price over the past couple of weeks has been on an absolute roller coaster, leaving many to wonder whether we’re still in a bull market, what’s going to happen next, and how to properly position themselves for the last quarter of the year.
Amid these turbulent times, we sit down with prominent on-chain analyst Daniel Joe. We talk about the current state of the market, whether or not we can expect Bitcoin to hit $100K anytime soon, as well as some useful advice for those of you who are just getting into the crazy world of cryptocurrency trading and investing.
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Selling Apple Stocks for Bitcoin
Daniel Joe has over 10 years of experience in the markets, starting out in equities working for a myriad of organizations spanning from small tech startups

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The SEC Has Subpoenaed USDC Issuer Circle in July

16 days ago

According to a new mandatory filing by Circle – the company behind one of the largest stablecoins USDC – the company is under investigation from the United States Securities and Exchange Commission.
It appears that the regulatory scrutiny strengthens, and stablecoin issuers are also under the radar of legislators.
In a recent filing, Circle, the company behind the world’s second-largest stablecoin by means of total market cap, revealed that it has received a subpoena from the SEC back in July.
In addition, in July 2021, we received an investigative sobpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with their investigation.
The filing gave no reason

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How to Stake AXS? Axie Infinity Step-by-Step Staking Guide

16 days ago

Axie Infinity brings forward a universe that’s expired by Pokémon where players can earn tokens through contributions to the ecosystem and skilled gameplay. Users are able to collect, battle, raise, and build the kingdoms their virtual pets deserve.
The biggest difference between traditional games and Axie is that the blockchain-based economic design is used to reward Axie’s players for their contributions to the ecosystem. This is a relatively new model of gaming that has been commonly referred to as ‘play to earn.’
AXS, or Axie Infinity Shards, represent the governance token of the Axie Universe and holders will be able to claim rewards by staking, playing the game, and participating in certain governance votes. In this guide, we take a look at one of the features in

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DeFi and NFT Daily Bullets of October 1st, 2021

19 days ago

In today’s DeFi and NFT daily bits, we take a look at some of the interesting developments in the industry over the past couple of days.
PolkaStarter Unveils Startup Incubator: Names Maiden Project
PolkaStarter, the decentralized launchpad platform, has announced the very first project to be incubated by its newest investment arm – Polkastarter Labs.
The project in question is called WonerHero – a play-to-earn mobile RPG game.
It will receive pre-IDO and post-IDO support, as well as mentorship, while also gaining access to PolkaStarter’s network for marketing and scaling purposes.

WowSwap Release NFT Leverage Trading Protocol
WowSwap releases its NFT leverage trading protocol. Offering 5X on punks, Glyphs, BAYC, and more; WowSwap utilizes NFTX’s tokenized NFTs to make

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Bitcoin at 10-Day High After Powell and Despite China FUD: The Weekly Recap

19 days ago

It’s been a very productive week in the cryptocurrency market, but it’s safe to say that most of it was due to the volatile price action during just one of the days – Friday, October 1st.
Going back, last Friday, the BTC price was hovering around $43,500, and, in fact, it stayed there for quite some time. This wasn’t so bad, given the overall regulatory scrutiny towards the market and yet another wave of FUD coming from China.
The country said that it’s banning the trading of cryptocurrencies (again), though some reports claimed that this time it’s different, and perhaps it’s true. As an argument in favor of it, Huobi – one o the world’s leading cryptocurrency exchanges with a large portion of its trader’s base coming from China – stopped accepting new users from the

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Bitfinex Paid Over $23 Million in ETH Fees to Send $100K Worth of USDT

23 days ago

The cryptocurrency market never ceases to amaze. One of the most popular centralized exchanges – Bitfinex – spent over $23 million worth of fees to send $100K USDT using Ethereum’s network.
In what seems to be the most expensive transaction made on Ethereum, Bitfinex, the well-known cryptocurrency exchange, paid over $23M worth of ETH.
Interestingly enough, the transaction itself intended to send $100,000 worth of USDT.
According to Etherscan, Bitfinex paid a grand total of 7,676.6 ETH, which is currently around $23.6 million.
The transaction was made through the recently implemented EIP-1559, which also means that 0.053 ETH was burned.
The USDT was intended to arrive in DeversiFi’s wallet – a decentralized exchange incubated by Bitfinex.
Commenting on the matter, the team

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Pyth Network Explains Why Bitcoin Flash-Crashed to $5,400 on September 20th

26 days ago

The entire market has been fairly uncertain throughout the past week, though one event stands out from the rest. On September 20th, Bitcoin’s price crashed to around $5,400 on Pyth Network oracle’s BTC/USD feed.
Pyth is an oracle network based on Solana and it aims to bridge blockchains and real-world data. This is highly needed in the field of cryptocurrencies to provide relevancy, accuracy, and interoperability.
However, on September 20th, between 12:21 and 12:23 UTC, the Pyth BTC/USD aggregate price “had several sharp dips below $40,000, reaching as low as $5,402 and the confidence intervals became extremely wide.”
This became clear following multiple reports and an official blog post on behalf of the team.
BTC/USD Price and Confidence, Pyth Network.This caused issues

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China’s Crypto Crackdown is an Opportunity for the US, Says Senator Pat Toomey

26 days ago

Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States.
Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading.
Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K.
Senator Pat Toomey, representing the state of Pennsylvania, said that this might be a big opportunity for the US.
China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage of China.
The politician also said that Beijing is “so hostile to economic freedom they

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Global Risk and China FUD Result in a Bitcoin Rollercoaster: The Weekly Crypto Recap

26 days ago

There are no boring days in crypto, and this week, like a lot of others, has managed to definitively prove it. The past seven days have been an absolute rollercoaster in the cryptocurrency market, so let’s start with Bitcoin.
BTC’s price was sitting comfortably at around $47,500 last Friday and started improving slowly throughout the weekend. On Saturday, we saw an attempt at $49K, which was unfortunately rejected. On Sunday, the price retraced a bit, but nothing spelled major signs of trouble.
Then came Monday. Throughout that day, the price of Bitcoin started plummeting, and the trend continued throughout the next few days, as it reached a low of around $40,000 on Wednesday. The bulls stepped in and started the recovery process, bringing Bitcoin’s price up to about

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Over $400 Million Liquidated in a Day as Bitcoin Tumbled Below $41K

26 days ago

The market suddenly turned red today following what seems to be another wave of regulatory efforts to crack down on cryptocurrencies in China. This left over $400 million liquidated in less than a day.
As CryptoPotato reported, China continues with its efforts to further crack down on the entire cryptocurrency market.
The country’s national bank issued a statement outlining that digital assets are banned, adding that operating with exchanges will also be prohibited.
While a lot of this isn’t new, the market responded negatively, and Bitcoin’s price tumbled by more than $3K in a matter of minutes.
It didn’t stop there, as moments later, the price went below $41,000 before recovering to where it currently trades around $41,400.
This left a massive number of liquidated

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1inch Network Expands to Arbitrum to Lower Transaction Costs

28 days ago

The popular decentralized cryptocurrency exchange aggregator, 1inch Network, will be expanding to Arbitrum.
In a press release shared with CryptoPotato, the team revealed that the move is aimed at lowering transaction costs and improving throughput and withdrawal speeds.
Arbitrum is an Ethereum scaling solution built using Optimistic Rollups, and it allows developers to cross-compile contracts for running on Arbitrum.
This is aimed at ensuring full compatibility with Ethereum on Web3 interface and smart contract levels.
Speaking on the matter was Steven Goldfeder, CEO at Offchain Labs – the team behind Arbitrum, who said:
“The Arbitrum One ecosystem is virbant with many excellent and high volume DEXes and we are very excited to have 1inch join as a DEX aggregator. […]

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Following Bitcoin’s Drop, Addresses in Profit Slumped From 82% to 70%

29 days ago

Bitcoin’s most recent downturn also took a toll on the addresses that are in profit – they decreased from 82% to 70% in less than a couple of days.
As CryptoPotato reported yesterday, the entire cryptocurrency market tumbled following a broader collapse of stocks throughout the world amid rising debt crunch fears in China.
This saw over $800 billion worth of both long and short positions liquidated, and Bitcoin’s price tumbled to as low as $40,200 earlier today.
The sharp decline also caused a lot of the addresses that were previously in profit – to not be. Precisely, the number of addresses in profit slumped from 82% to 70%.
Glassnode also made a comment on the sharp move. According to them:
When the Bitcoim market eperiences significant price moves, we can assess the

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The Evergrande Debt Crisis in China and What It Could Mean for Bitcoin

September 20, 2021

The financial world is watching Evergrande and what’s going on in China closely, as this has been undoubtedly the headliner for the past couple of weeks.
Today, global markets tumbled as Evergrande stock price lost another 10%, sending Bitcoin well into the red with a decrease of around 8% in the past 24 hours alone. But is the pain over?
Evergrande – Chinese Real Estate Behemoth Sags
Evergrande managed to become one of the leading companies in China when it comes to real estate. Reportedly, it has developed over 1,300 projects in more than 280 Chinese cities, and it’s also the owner of one of the country’s largest football teams – Guangzhou FC.
It did so by borrowing over $300 billion from more than 171 domestic banks and 121 other financial firms. Last year, though,

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BitMEX in 2021: CEO Alex Hoeptner Explains How He’ll Take the Veteran Exchange to a New Era (Exclusive)

September 16, 2021

Established in 2014, BitMEX is a veteran derivatives exchange, a pioneer for the crypto industry, which used to be the leading one for a serious period of time. In fact, the traded volume on BitMEX was much more than that on any other derivatives exchange until 2019.
BitMEX exchange had a serious impact on the cryptocurrency market as a whole, and in a sense, helped shape the industry into what it has become today.
CryptoPotato had the pleasure of interviewing Alexander Hoeptner – the CEO of BitMEX. In this episode, we talk about the ever-increasing regulatory presence in the industry, whether it’s good or bad for it, where the market is going to, how’s BitMEX doing after the $100 million CFTC and FinCen settlement, and many more interesting things.
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In-Depth: Cardano’s Hardfork, Smart Contracts vs. Criticism, and What’s Ahead?

September 15, 2021

Cardano is currently the third-largest cryptocurrency by means of total market capitalization. The network saw substantial growth over the current bull cycle, which brought its current valuation to $76 billion at the time of this writing.
Over the years, Cardano has received serious criticism of its approach where naysayers argued that the billion-dollar market cap is completely unjustified for a network with no usable applications.
For those unaware, the project took a different way to market. Cardano’s peer-review standard is loved by some and refuted by others, but the fact is that the team behind it produced numerous papers and spent considerable time theory-crafting before actual implementation.
Nevertheless, the abovementioned criticism, to some extent, was rendered

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Cardano Now Has Smart Contracts Capabilities: Alonzo Mainnet Upgrade Went Live

September 13, 2021

The wait is finally over. After years of researching and producing a multitude of peer-reviewed papers on the network’s structure, potential, ideas, goals, and whatnot, Cardano now has smart contracts capabilities to further bolster its ecosystem.
Alonzo Mainnet Now Live
As of now, Cardano saw an important hard fork go through, and Alonzo is now live on the mainnet. What this means is that the network supports smart contracts, enabling various teams and projects to start building and deploying their protocols directly on Cardano.

1/2 Upgrade successful.
Moments ago, we deployed the #Alonzo upgrade at the epoch rollover.
Welcome to the start of a new era for #Cardano $ADA pic.twitter.com/r6QNvTv4pt
— Input Output (@InputOutputHK) September 12, 2021

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Over $2.5 Billion USDC Now Circulates on Solana

September 12, 2021

Solana’s network saw explosive growth this year, but it appears that it’s not just NFTs that are driving it higher. The total amount of USDC that circulates on Solana is now up to $2.5 billion.
Data from the Solana explorer reveals that the current supply of USDC on the network is just shy of $2.5 billion.
Commenting on the matter was the Co-Founder and CEO at Circle, the company behind the dollar-pegged stablecoin, Jeremy Allaire, who said that the “USDC on Solana jumped from 1B to 2B in circulation” in just a week.
Allaire also revealed that the effort to put USDC on Solana came as part of their goal to introduce “Multichain USDC, forming partnerships with a number of important chains,” and they saw Solana as one of the first to reach out to because of “the scale, speed,

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