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

Top cryptocurrency exchange Binance on Thursday announced that it will detail USDC on its system. USDC is a stablecoin fixed to the U.S. buck that facilitates instantaneous cash transfer.
The stablecoin, which was introduced by Goldman Sachs-backed Circle, was introduced in September. “For boosted openness, USDC has actually engaged a top-ranking auditing firm to launch regular monthly balance attestations of the equivalent USDC and also USD balances held/issued,” Binance said in the post.

Binance also pointed out that it will certainly start trading for USDC/BNB and also USDC/BTC pairs from November 17. Presently, USDC is just being paired with Binance Coin [BNB] as well as Bitcoin [BTC] The exchange stated users can prepare for the listing by depositing USDC in their purses quickly.

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

Prior to Binance’s listing, U.S.-based cryptocurrency exchange Coinbase had added USDC to its platform. “This is the first time Coinbase has actually supported a stablecoin,” the exchange claimed in its official blog.

Crypto exchanges OKEx as well as Huobi have likewise shared their purpose of providing four USD stablecoins at one go.
Sharing Binance’s preference for stablecoins, Chief Executive Officer Changpeng Zhao tweeted, “Regulated secure coins act as a happy medium where regulatory authorities maintain control, yet the token likewise supplies much more freedom than typical fiat for customers. Hope much more will copy/follow/improve, as well as for other fiat money as well.”

Binance also stated that it will certainly start trading for USDC/BNB as well as USDC/BTC sets from November 17. The exchange said users can prepare for the listing by depositing USDC in their pocketbooks right away.

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

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