Binance is latest exchange to list USD Coin

16 Nov, 2018
by David Robb
News
Binance is latest exchange to list USD Coin

Binance has announced that it will be soon supporting one of the newer fiat-backed tokens, USD Coin (USDC). Deposits for the stablecoin are already open, and trading will start later today.

USD Coin was launched by the CENTRE Consortium group, which was founded as a partnership between Circle and Coinbase. Its stated aim is to create a more inclusive global economy through improved technology for value exchange, and fiat-backed cryptos will be a key part of this eco-system.

Read more: Circle launches USDC stablecoin today, backed by Goldman-Sachs

CENTRE's dollar-pegged token is one of a number of new stablecoins that have been launched in recent months. According to a blogpost, the circulating supply of USDC is now more than $148 million, and the group is "confident that interest in USDC will continue to grow, bolstered by a desire for a more transparent and compliant USD token from market participants". The mention of transparency is likely a reference to the recent issues faced by leading stablecoin Tether (USDT), which may have boosted the popularity of the new fiat-pegged cryptos.

Read more: Paxos has already issued over $50 million in their new stablecoin; Tether "didn’t do a great job in terms of creating transparency" - Mike Novogratz

KuCoin, OKEx and Liquid are just three of the cryptocurrency exchanges that have already listed USD Coin. Binance will be allowing users to trade USDC directly against Bitcoin (BTC), as well as offering a USDC/BNB pair. 

Read more: Day of the stablecoin: OKEx lists four fiat-backed tokensLiquid teams up with Gemini to increase liquidity and lists Coinbase's USDC

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Read more about: Binance

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