Binance, the 4th ranked cryptocurrency exchange as recorded by CoinMarketCap with a daily average of about $1 billion traded per day on the platform, has listed the USDC stablecoin issued by Goldman Sachs-backed crypto firm, Circle.
Binance stated that the USDC stablecoin would trade against Bitcoin (BTC) and Binance’s token, the BNB. The trading of both pairs will be launched on Binance on 17th of November. Depositing of the USDC stablecoin, however, has already commenced.
About the ERC-20 Based Stablecoin, USDC
USDC is an ERC-20 compatible token, built on the Ethereum network and was jointly launched by one of the top crypto exchanges in the U.S., Coinbase and Goldman Sachs-backed crypto firm Circle just last month. Immediately after its launch, it was made available for purchase, sale or receiving directly on the Coinbase platform.
Coinbase, which is looking to overthrow the monopoly Tether, the first USD-pegged stablecoin has on the cryptocurrency market, stated that the USDC stablecoin has the potential to advance transparency in the financial system in the world. The top US-based exchange stated that;
“The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”
The CENTRE Consortium was co-founded by the Goldman Sachs-backed Circle and Coinbase, and it serves the aim of spearheading the development of the stablecoin on the initiative of the two firms. The CENTRE Consortium also stated that USDC’s availability is everywhere in the world and can be purchased or sold by anyone. CENTRE Consortium stated that in just a few months after the USDC launch, it has seen widespread adoption in the cryptocurrency space and is available on several exchanges with several tens of billions of dollars in trading volume. In the Medium blog post, CENTRE further indicated that the USDC had a fluid supply of about 148 million dollars, is listed on about 50 exchanges, and several protocols, platforms, applications, and wallets support the USDC stablecoin.
Cryptocurrency Exchange Listings of USDC
Japan-based Liquid and Korea-based Korbit announced that they had listed the USDC stablecoin earlier this week and the Cayman Islands-headquartered BitMart Exchange also announced the listing of USDC in the first days of the month. USDC stands for USD Coin and will be open for trading at 0300 hours UTC. It’s a stablecoin designed to be pegged at one-to-one with USD (1 USDC = 1 USD). Binance advises its users to be cautious if the price deviates from that ratio.
Several top crypto exchanges in the CoinMarketCap’s top 100 also listed the stablecoin. Deposits and withdrawals of USDC started on October 17 on Bit-Z while the month ended with South Korea-based CPDAX listing the USDC alongside other stablecoins such as GUSD by Gemini Trust, PAX by Paxos Standard and TUSD by Trust Token. It was listed on DigiFinex on 27th of September and was traded against Tether in a USDT/USDC pair. On September 28, USDC was listed on the HotBit crypto exchange and was traded against ETH and BTC. Some top cryptocurrency exchanges like KuCoin, OKex, and Poloniex have also listed the recently introduced stablecoin.