Leading cryptocurrency exchange Binance has announced that stablecoin USDCoin will be listed as a supported asset on the platform.
Binance revealed the news in a blog post which stated that it “will open trading for USDC/BNB and USDC/BTC trading pairs at 2018/11/17 03:00 AM (UTC).” The exchange will allow users to start depositing USDC using the platform before trading kicks off.
Binance also stated that “USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued” for increased transparency.
USDC is a stablecoin which has been gaining a great deal of attention and has been attracting investors in the market recently. The token is pegged at a 1:1 ratio to the United States Dollar and was launched by cryptocurrency company Circle.
The stablecoin has also been generating interest in the cryptocurrency exchanges as top cryptocurrency exchanges Huobi Global and OKEx announced recently that they would be adding support for USDC as well as three other stablecoins, namely Gemini Dollar, Paxos Standard, and True USD.
Binance is one of the world’s leading exchanges – sitting as the second largest in terms of trading volume – and is headed up Changpeng (CZ) Zhao – who has expressed excitement about stablecoins entering the markets. At the announcement of Binance supporting Paxos, CZ advocated that stablecoins are able to “serve as a middle ground” in cryptocurrencies.
Regulated stable coins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too. https://t.co/2r5Z1WlzJu
— CZ Binance (@cz_binance) September 21, 2018