At a time when the values of Bitcoin and other cryptocurrencies are collapsing, interest in the utility of stablecoins for payments appears to be on the rise. On Wednesday, a blockchain-based online marketplace called Dibbs said it had integrated with Circle Internet Financial LLC to allow buyers to use Circle’s USD Coin. USDC is a stablecoin whose value is pegged to the U.S. dollar.
The move represents the Los Angeles-based marketplace’s first move to accept cryptocurrency. Founded only last year, Dibbs specializes in tokenized versions of physical collectibles. “Since day one, we’ve aimed to make the most sought-after and valuable collectibles in the world more accessible for everyone. We are excited to build upon that by incorporating USDC,” said Dibbs’s founder and chief executive, Evan Vandenberg, in a statement. “By accepting cryptocurrency as payment, we’re able to offer our collectors even more flexibility and convenience.”
Collectors on the marketplace can buy and sell fractional interests in physical goods across a range of categories, including trading cards and comic books, Dibbs says. The company, backed by Amazon.com and other investors, says it has processed “millions of dollars” in transactions across “hundreds of thousands” of trades since its start.
The volatility of digital currencies such as Bitcoin, which has only grown more pronounced in recent weeks, has sparked interest in stablecoins. Launched in September 2018, USDC is said to be one of the fastest-growing stablecoins available, having been used for a total of $1.9 trillion in on-chain transactions as of this month, according to Boston-based Circle.
Digital coins not tied to any national currency, on the other hand, have had a rough time in 2022. Bitcoin, the largest of the cryptocurrencies, has seen its price collapse to just under $21,000 from $30,000 only a week ago. Since November, its price has plummeted from a high of more than $67,000, according to Coinmarketcap.