Over 5.5 billion USD Coin (USDC) tokens have been transferred on-chain as of Jan. 31 2019, according to a report released by the Centre consortium on Feb. 6.

The Centre consortium was founded by crypto finance firm Circle and United States-based crypto exchange Coinbase. USDC s a U.S. dollar-backed stablecoin released by Coinbase and Circle in October of last year.

According to the report, by the end of January 2019 over 86,000 USDC transactions have been completed on the chain. The document also claims that over 550 million units of the stablecoin have been issued by the aforementioned date, out of which nearly 250 million have been redeemed into fiat currency by retail and institutional users.

According to the document, over 8,000 Ethereum addresses hold USDC tokens and over 1.6 billion units of the stablecoin have been traded on cryptocurrency exchanges.

USDC is an ERC20 token on the Ethereum (ETH) blockchain. Moreover, according to data from CoinMarketCap USDC is the twentieth top cryptocurrency by market capitalization.

In December 2018, the Paxos Standard (PAX) stablecoin exceeded $5 billion worth of transaction volumes. As of Dec. 13 had been used in $5,245,958,124.65 worth of transaction volumes, with a market cap of over $174 million.

According to a report released in December, the adoption of all stablecoins is growing based on the increasing number of on-chain transactions, and the four major stablecoins have already broken the $5 billion mark in on-chain transactions within the three-month period.

Тhe regulatory landscape for stablecoins still remains unclear. A Supervisory Memorandum released by a financial watchdog in Texas suggested that the local Department of Banking could consider stablecoins as money, making them and exchanges that deal with them subject to a number of Texas laws and license requirements.