The competition surrounding one of crypto’s best use cases is ramping up as USDC growth outpaces USDT.

The USDC issuer has acquired Hashnote and USYC, the largest tokenized money market fund.

The token standard conceals the account balances and transfer values of transaction counterparties.

The move comes as USDC has lost 5% of its market capitalization in the last month.

The announcement garnered mixed responses from the web3 community.

The integration paves the way for a native USDC deployment on Soneium in the future.

USDC and EURC are now compliant with Europe’s MiCA regulations.

The move comes ahead of the USDC issuer’s potential IPO, for which it filed paperwork with the SEC in January.

Representatives from Circle and Coinbase are requesting U.S. legislators to empower the Treasury Department to clamp down on USDT issuer Tether.

Last year, the company bridged more than $197B between traditional banking and blockchain systems.