Binance, one of the world’s leading cryptocurrency trading platforms, said on Thursday that it would reference the “stablecoin” USDC proposed by Circle.
The USDC will soon be available on Binance
The USD Coin was announced by giant Circle last May, and made available in September. The firm was able to raise $ 110 million to complete this project.
In a statement released Wednesday night, Binance said “the USDC has hired a major auditing firm to release balance certificates for the number of USDCs and USD held / issued.”
And here’s what we read about the USDC in a form proposed by Binance:
“The USDC is a fully secured US dollar, based on the open-source technical framework of fiduciary stablecoin developed by Center, a consortium founded by Circle and Coinbase. USDC tokens are compatible with the ERc-20 standard, and can be used on any digital wallet or service compatible with ERC-20. Customers around the world can convert US dollars to USDCs, and vice versa, through Circle or Coinbase.
“The USDC is fully guaranteed – each USDC unit is issued only after the corresponding dollar amount has been deposited into its reserve bank accounts.”
USDC / BTC and USDC / NBB pair trading is expected to start on November 17th.
Binance will not be the first stock exchange to reference the asset. The USDC, which boasts a market cap of more than $ 145 million, is already supported by many platforms such as Poloniex, Coinbase Pro, OKEx or Kucoin.
Last September, Binance had already added the Paxos stablecoin to its cryptocurrency list.
Since 2015, many stablecoins have emerged, giving traders the ability to easily enter and exit crypto markets. They can do without the traditional financial system to make a transaction, while protecting their capital from the volatility of “traditional” digital assets.
Changpeng Zhao, the CEO of Binance, has never hidden his interest in these corners. Here’s what he tweeted about them:
“Regulated stablecoins help regulators maintain total control over them. Nevertheless, these tokens offer users greater freedom than they can enjoy with traditional fiat currencies. “
When writing this article, Binance was the second largest digital currency trading platform in the world, just behind OKEx. Over the past 24 hours, it had handled more than $ 1.5 billion in trade.