USDC competes head to head with Paxos, Gemini falls behind

As Coinbase announced that it launched USDC and joined CENTRE as a co-founding member on October 23, USDC's circulating supply increased by 42% overnight and surpassed Paxos. Paxos, which has roughly 40% of volume coming in from Binance, now has approximately $108Mn in circulation. Just yesterday, the firm announced that it got listed on Bittrex. As seen from the chart, Paxos' circulating supply has been growing much more organically when compared to USDC, which now has $127Mn in circulating supply. Gemini dollar is falling behind with $11Mn in circulating supply.

According to CoinMarketCap, Paxos is taking a wide lead in volumes with $39Mn in the last 24 hours. USDC's volume is surprisingly only $1.3Mn but CoinMarketCap doesn't seem to include Coinbase yet. Gemini dollar is trailing Paxos with $7Mn in daily traded volume. StablecoinsWar also tracks velocity of money. Gemini dollar has the highest velocity of 64.7% trailed by Paxos with 36.7% and USDC is the last with 1%.