Binance, a premium cryptocurrency exchange has welcomed the trading of USDC, a stablecoin jointly introduced by Coinbase and Goldman Sachs-backed Circle. The exchange announced that from 17th November onward, the trading of USDC/BNB and also USDC/BTC pairs have commenced. On this occasion, Binance notified the customers to gear up for the stablecoin listing by making USDC deposit to their wallets.
The stablecoin that is 100% pegged with US dollar boosts instant transfer of money and loan. This joint venture of Circle and Coinbase came to light in September. The release marks the first time for Coinbase to support a stablecoin launch. “For raised transparency, USDC has engaged a top-level auditing company to launch month-to-month equilibrium attestations of the equivalent USDC and also USD equilibriums held/issued,” the Binance article reads.
Changpeng Zhao, the Chief Executive Officer of Binance took to his Twitter handle to post about the decision of the exchange to list stablecoin, “Managed steady coins serve as a happy medium where regulators preserve control, but the token additionally offers far more freedom than standard fiat for users. Hope a lot more will copy/follow/improve, and for other fiat money too.”
Following Binance, other leading crypto exchanges such as Huobi and OKEx are planning to bring USD stablecoins on their platform. However, Binance sent a note of caution to its customers regarding a close check on the price of USDC due to the dip in Tether value. “USDC is a stablecoin designed to be fixed one-to-one with USD (1 USDC = $1 USD). Please be cautious if/when the cost differs this proportion,” the system alarmed.