The supply for the USDC stablecoin has jumped significantly since the start of the month.
The market capitalization for the dollar-backed stablecoin has climbed by approximately $200 million since March 1, now surpassing the $600 million benchmark. This figure represents a 42% increase, based on data collected by The Block.
According to a Wednesday blog post by cryptocurrency exchange Coinbase, "more and more consumers and institutions turn to USDC as a trusted means to weather the turbulence."
Earlier this week, MakerDAO's governance community approved USDC as a new collateral asset in its protocol as its third collateral type after ETH and BAT.
USDC is primarily issued by Coinbase and Circle, though the firms said last year that they aim to expand the pool of issuers and redeemers, as reported by The Block.