<\/p>\n
- \n
- After flipping its market cap, XRP has now gotten the recognition USDC once had.<\/em><\/li>\n
- New addresses hold more USDC than XRP.<\/em><\/li>\n<\/ul>\n
Ripple [XRP]<\/span><\/a> has replaced Circle <\/span>[USDC]<\/span><\/a> as the fifth member of the coveted Hong Kong Virtual Asset Consortium (HKVAC) global large equal weight index which was <\/span>released<\/span><\/a> on 13 October. The HKVAC is designed to reflect the extensive spectrum of investable digital assets.\u00a0<\/span><\/p>\n
\nIs your portfolio green? Check the <\/span>Ripple Profit Calculator<\/span><\/a><\/p>\n
\nThe organization does this by assessing regulation, risk, and trust benchmarks for assets before coming up with its top five.<\/span><\/p>\n
XRP takes over, USDC drops<\/b><\/h4>\n
Previously, USDC was in the top five alongside <\/span>Bitcoin [BTC]<\/span><\/a>, <\/span>Ethereum [ETH]<\/span><\/a> Binance Coin [BNB]<\/span><\/a>, and <\/span>Tether [USDT]<\/span><\/a>. However, the <\/span>wins of XRP<\/span><\/a> and some losses that Circle had to take earlier in the year contributed to the replacement.<\/span><\/p>\n
Since HKVAC considers regulation and performance as a criterion, one can conclude that Ripple\u2019s partial win over the U.S. SEC helped XRP get on the list. Also, noteworthy was the fact that the token has a 41.50% increase on a Year-To-Date (YTD) basis.<\/span><\/p>\n
Although USDC has been able to maintain its peg to the U.S. dollar, the stablecoin\u2019s links to the challenges that befell some traditional institutions really affected it. In March, Circle <\/span>revealed<\/span><\/a> that $3.3 billion of its reserves was with the troubled Silicon Valley Bank (SVB).<\/span><\/p>\n
As a result of the disclosure, USDC briefly fell to $0.86 but was able to regain the dollar peg moments later. However, one area that USDC has not been able to revive is its market cap. Apart from increasingly losing stablecoin dominance to USDT, XRP also flipped USDC\u2019s market cap.<\/span><\/p>\n
At press time, XRP\u2019s <\/span>market cap<\/span><\/a> was $25.94 billion while USDC\u2019s was lower at $25.12 billion. This data confirms how there has been more XRP in circulation than USDC for a while.<\/span><\/p>\n
![\"XRP](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/XRP-Ledger-XRP-11.50.16-14-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Stablecoins reign here<\/b><\/h4>\n
As per Network Growth, both USDC and XRP have experienced declines in recent times. According to Santiment, XRP\u2019s <\/span>Network Growth<\/span><\/a> was 286 at the time of writing. USDC\u2019s, on the other hand, was much higher at 2278.<\/span><\/p>\n
Network Growth measures the number of new addresses interacting with a network. When the metric increases, it means there have been a lot of transactions involving new entrants. When the Network Growth decreases, it implies a decrease in traction.<\/span><\/p>\n
![\"XRP](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"XRP](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/USD-Coin-on-Ethereum-USDC-12.11.36-14-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
\nRealistic or not, here\u2019s <\/span>USDC\u2019s market cap in XRP terms<\/span><\/a><\/p>\n
\nSo, USDC\u2019s Network Growth outpacing XRP is not necessarily a testament that the Circle network was performing better. Instead, it could be a sign that market players are tilting toward holding stablecoins as many seem to be preparing for a bull cycle.<\/span><\/p>\n
Meanwhile, there were other cryptocurrencies listed in HKVAC\u2019s top 30 index. After Internet Computer [ICP]<\/a> went off the list, MakerDAO [MKR]<\/a>, and Quant [QNT]<\/a> joined the fray.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
After flipping its market cap, XRP has now gotten the recognition USDC once had. New addresses hold more USDC than XRP. Ripple [XRP] has replaced Circle [USDC] as the fifth member of the coveted Hong Kong Virtual Asset Consortium (HKVAC) global large equal weight index which was released on 13 October. The HKVAC is designed […]<\/p>\n","protected":false},"author":2,"featured_media":174465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-174464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174464"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174464\/revisions"}],"predecessor-version":[{"id":174467,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174464\/revisions\/174467"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174465"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- New addresses hold more USDC than XRP.<\/em><\/li>\n<\/ul>\n