Top cryptocurrency exchange Binance on Thursday introduced that it will provide USDC on its system. USDC is a stablecoin pegged to the U.S. dollar that promotes immediate money transfer.
The stablecoin, which was presented by Goldman Sachs-backed Circle, was introduced in September. “For raised transparency, USDC has involved a top-ranking auditing firm to launch month-to-month equilibrium attestations of the equivalent USDC as well as USD balances held/issued,” Binance stated in the post.
Binance likewise stated that it will start trading for USDC/BNB and USDC/BTC pairs from November 17. BTC] The exchange claimed users can prepare for the listing by depositing USDC in their purses quickly.
The system likewise cautioned customers about keeping a look at USDC’s rate, which makes sense owing to the recent Tether [USDT] fiasco. “USDC is a stablecoin created to be pegged one-to-one with USD (1 USDC = $1 USD). Please be cautious if/when the cost deviates from this proportion,” the platform said.
Prior to Binance’s listing, U.S.-based cryptocurrency exchange Coinbase had added USDC to its system. “This is the first time Coinbase has sustained a stablecoin,” the exchange stated in its official blog.
Crypto exchanges OKEx as well as Huobi have likewise revealed their purpose of detailing 4 USD stablecoins at one go.
Expressing Binance’s preference for stablecoins, CEO Changpeng Zhao tweeted, “Regulated stable coins function as a happy medium where regulatory authorities keep control, however the token also provides far more liberty than standard fiat for users. Hope a lot more will copy/follow/improve, and for other fiat currencies also.”
Binance also discussed that it will start trading for USDC/BNB and USDC/BTC sets from November 17. The exchange claimed users can prepare for the listing by depositing USDC in their wallets immediately.
“USDC is a stablecoin created to be secured one-to-one with USD (1 USDC = $1 USD).