Binance, one of the world’s largest crypto exchanges, has opened deposits for its USDC stablecoin and trading for USDC/BTC and USDC/BNB, beginning on Friday.
USDC, which was launched by the CENTRE Consortium on October 23, has received widespread adoption across the crypto ecosystem, with circulating supply of USDC reaching more than $148 million and over 50 exchanges, protocols, platforms, applications, and wallets supporting the stablecoin.
The CENTRE Consortium was co-founded by peer-to-peer payments platform Circle and US-based cryptocurrency exchange Coinbase to establish a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.
Coinbase and Circle expect the interest in USDC to grow proportionally to market participants’ desire for a more transparent and compliant USD token. The most famous stable coin in the market, Tether, has been under fire as many suspect the firm does not hold enough USD to match the USDT in circulation.
With USDC, customers can tokenize dollars into USDC and redeem USDC into dollars through both Circle and Coinbase, making USDC the industry’s first open, fungible and interoperable fiat stablecoin.
“Binance will open trading for USDC/BNB and USDC/BTC trading pairs at 2018/11/17 03:00 AM (UTC). Users can now start depositing USDC in preparation for trading […] Additionally, for increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued”, said Binance in a statement.
The listing of USDC by the Binance exchange is proof that the stablecoin launched by Coinbase and Circle is getting traction in the secondary market. The operator has become the largest exchange in the cryptocurrency space in mid-December 2017, by the time the market peaked, with over US$4 billion equivalent of cryptocurrencies traded in 24 hours. The company stated they had reached 2.9 million users on their platform since their launch in July of 2017.