Leading cryptocurrency exchange Binance on Thursday announced that it will list USDC on its system. USDC is a stablecoin secured to the UNITED STATE dollar that helps with instantaneous cash transfer.
The stablecoin, which was introduced by Goldman Sachs-backed Circle, was released in September. “For boosted transparency, USDC has actually involved a top-level bookkeeping firm to launch regular monthly balance attestations of the corresponding USDC and also USD balances held/issued,” Binance said in the article.
Binance also pointed out that it will begin trading for USDC/BNB and also USDC/BTC sets from November 17. Presently, USDC is just being paired with Binance Coin [BNB] as well as Bitcoin [BTC] The exchange said individuals can prepare for the listing by transferring USDC in their wallets immediately.
“USDC is a stablecoin designed to be fixed one-to-one with USD (1 USDC = $1 USD). Please be cautious if/when the rate deviates from this proportion,” the platform said.
Prior to Binance’s listing, U.S.-based cryptocurrency exchange Coinbase had included USDC to its system. “This is the very first time Coinbase has sustained a stablecoin,” the exchange said in its official blog.
Crypto exchanges OKEx as well as Huobi have also revealed their intention of providing 4 USD stablecoins at one go.
Revealing Binance’s preference for stablecoins, CEO Changpeng Zhao tweeted, “Regulated steady coins function as a happy medium where regulators maintain control, but the token also offers far more liberty than conventional fiat for users. Hope much more will copy/follow/improve, and for various other fiat money too.”
Binance additionally stated that it will certainly start trading for USDC/BNB and USDC/BTC pairs from November 17. The exchange said customers can prepare for the listing by depositing USDC in their budgets immediately.
“USDC is a stablecoin designed to be fixed one-to-one with USD (1 USDC = $1 USD).