Crypto exchange Binance adds support for Circle’s USDC

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November 15, 2018 by
Crypto exchange Binance adds support for Circle’s USDC

Leading cryptocurrency exchange Binance on Thursday announced that it will list USDC on its platform. USDC is a stablecoin secured to the UNITED STATE dollar that facilitates immediate cash transfer.
The stablecoin, which was introduced by Goldman Sachs-backed Circle, was released in September. “For enhanced transparency, USDC has engaged a top-level auditing company to launch monthly balance attestations of the corresponding USDC and USD balances held/issued,” Binance said in the blog post.

Binance also stated that it will certainly begin trading for USDC/BNB and USDC/BTC pairs from November 17. Currently, USDC is only being coupled with Binance Coin [BNB] as well as Bitcoin [BTC] The exchange stated customers can prepare for the listing by transferring USDC in their wallets quickly.

“USDC is a stablecoin made to be secured one-to-one with USD (1 USDC = $1 USD). Please be mindful if/when the cost deviates from this proportion,” the system stated.

Before Binance’s listing, U.S.-based cryptocurrency exchange Coinbase had included USDC to its platform. “This is the first time Coinbase has supported a stablecoin,” the exchange stated in its main blog site.

Crypto exchanges OKEx and Huobi have actually also shared their purpose of listing four USD stablecoins at one go.
Revealing Binance’s choice for stablecoins, Chief Executive Officer Changpeng Zhao tweeted, “Controlled stable coins work as a middle ground where regulatory authorities maintain control, but the token likewise uses even more freedom than standard fiat for users. Hope more will certainly copy/follow/improve, as well as for other fiat currencies also.”

Binance additionally mentioned that it will begin trading for USDC/BNB and USDC/BTC sets from November 17. The exchange claimed individuals can prepare for the listing by depositing USDC in their wallets quickly.

“USDC is a stablecoin designed to be fixed one-to-one with USD (1 USDC = $1 USD).

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