Binance, the largest cryptocurrency exchange in the world by traded value, announced Friday its latest listing, the USDC dollar-pegged USDC. This listing was created by Circle, a Goldman-funded startup.
This surprise listing is happening amid a flurry of stablecoins that are being used as proxy money for physical money on many cryptocurrency exchanges. Circle reported that more than 50 people have joined the USDC network.
Binance began offering USDC deposits and trading on stablecoin pairs immediately. This was in addition to Bitcoin and Binance’s token BNB. Trading will begin on November 17th.
The new listing comes amid a mass exodus from Tether, which Binance has been using as a base trading pair against Bitcoin. Circle’s New York BitLicense will offer a fully audited alternative, in contrast to Tether which has been the subject of controversy and regulatory scrutiny due to lingering questions about its cash reserves.
Growing Interest
USDC, an Ethereum-based ERC-20 token, acts as a safe haven for crypto traders to store their assets in volatile market. It is an easy to use smart contract, wallets, and exchanges can interact with it.
Circle’s stablecoin is based on an open source fiat stablecoin framework developed and governed by the CENTRE project.
USDC competes with stablecoins like Paxos Standard, Gemini Dollar, and Tether (USDT). Circle announced that it will no longer charge customers for USDC to be converted into US Dollars. This makes it more appealing to crypto exchanges, platforms, wallets, apps, platforms, and applications.
The explosion of stablecoins is seen by many as a step to further the adoption process of cryptocurrencies, as it would give users an introduction to the main benefits of blockchain technology without having to experience extreme market volatility.
Last month, New York-based and regulated platform Gemini secured US regulatory approval for its own stablecoin, the Gemini dollar – another cryptocurrency pegged to the US dollar.
