Circle’s USDC Stablecoin to Be Listed on Binance, Trading Begins Tomorrow

Circle Stablecoin Binance

Goldman Sachs-backed startup Circle has announced that Binance will list its USDC stablecoin.

Binance, one of the world’s largest cryptocurrency exchanges, has opened deposits for USDC. Beginning tomorrow, at 10 p.m. EST, trading for USDC/BTC and USDC/BNB pairs will be possible.

The news of the addition of Circle’s USDC stablecoin comes at a time when the market saw a sea of red during trading yesterday. The result of which saw around $33 billion wiped off of the market cap in 24 hours. At the time of publishing, it’s currently worth $181 billion.

However, while Bitcoin and its cohort have seen drops in value between 10-20 per cent, 47th-placed USD Coin is in the green following the Binance news. Data from CoinMarketCap shows that it’s valued at $1.04, representing a 2.26 per cent price increase. This, of course, is slightly higher than the pegged one-to-one with the U.S. Dollar.

Since its launch earlier this year, USDC has seen widespread adoption and is available on a number of crypto exchanges. Some of these include Bit-Z, Changelly, Gatecoin, KuCoin, OKEx, and Poloniex to name a few. It’s also listed on various wallets, service providers, platforms, and app providers.

With a market cap worth $148.3 million, there are some who are confident that interest will continue to grow. Two of which are Circle and San Francisco-based exchange Coinbase.

Last month, the pair announced that they had co-founded the CENTRE Consortium. The aim of which is to establish a “standard for fiat on the internet…providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”

Customers are able to tokenise dollars into USDC and redeem USDC into dollars through Circle and Coinbase. In October, Coinbase also announced that it was launching the USDC stablecoin on Coinbase Pro. At the time, David Farmer, general manager at Coinbase Pro, said:

“With this launch, Coinbase Pro users can now easily convert large quantities of U.S. dollars into USDC and back at no fee and without exchange rate risk, can send USDC back and forth to their Ethereum wallets, and can also trade the two most popular digital currencies (Bitcoin and Ether) for USDC.”

He added that this was the first step toward making USDC useful, helping to build a more open financial system.

Cryptocurrency Exchange Binance Will Support Stablecoin USDC

Source: Bitcoin Exchange Guide

Cryptocurrency exchange Binance announced earlier today that it would be supporting stablecoin US Dollar Coin USDC from this coming Saturday, November 17. In a brief blogpost the exchange said, “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.”

For the uninitiated, the relatively new cryptocurrency would be pegged to the dollar and there would also be a $110 million investment round led by profitable crypto-mining company Bitmain, as earlier reported by Crypto-News India.

The stablecoin was introduced by Goldman Sach-backed Circle in October.

The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. It will also be audited every month and every entity who wishes enroll and issue USDC will be held to the same regulatory standards, with no exceptions.

Interestingly, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued, Binance added in its post. The trading fees will be 0.1%. Interested traders should keep some pointers in mind. For instance, if a trader holds BNB in their account, the trading fees will be automatically subtracted from the holder’s BNB balance. Using BNB for transaction fees applies a 25% discount to the trading fee will be applied, which may also be subject to change.

At the time of the launch, Chief Executive Officer (CEO) of Circle, Jeremy Allaire had said, “It unlocks an incredible amount of power for the dollar. It’s basically a dollar that operates on blockchain.” Ethereum is the best bet but it’s not necessarily the end game. For now it’s specifically on Ethereum, Allaire had added.

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Top Crypto Exchange Binance Adds Circle’s USD Coin in Latest Stablecoin Support Move

Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately.

USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency.

Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month.

“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,” Binance adds in its statement today.

The exchange also noted that trading for USDC/BNB and USDC/BTC trading pairs will begin Nov. 17.

Exchanges across the world have stepped up efforts to support fiat-backed stablecoins as more and more are issued, Cointelegraph reporting on how the currently world’s largest crypto exchange OKEx as well as major competitor Huobi recently opted to list four USD stablecoins at once.

Binance has not been shy about its enthusiasm for stablecoins, CEO Changpeng Zhao saying he “hoped more” would surface when the exchange added Paxos’ USD-pegged asset in September.

“Regulated stable coins [sic] serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users,” he wrote on Twitter at the time, adding:

“Hope more will copy/follow/improve, and for other fiat currencies too.”

Binance is currently the world’s second largest cryptocurrency exchange by 24-hour trade volumes, seeing over $1.5 billion in trades on the day to press time.