$USDC is the most traded asset on decentralized exchanges," they wrote. "In fact, in most DeFi applications, USDC is the most commonly used stablecoin".

Stablecoins are digital assets linked to the price of a fiat currency, such as the US dollar. Within the context of cryptocurrencies, traders often use them as a way to secure profits or deposit collateral for loans; however, their use has grown in areas such as payments and remittances.