Binance, a premium crypto trading platform has welcomed listing of USDC, a stablecoin pegged to the U.S. dollar, as a quote currency for its traded assets. Announced on 14th December, the trading will commence on Friday from 10 pm EST onward. The trading pairs on this cryptocurrency exchange include BNB/USDC, XRP/USDC, ETH/USDC, EOS/USDC, XLM/USDC and BTC/USDC. Binance has played an active role via its wallet, apps, protocols and exchanges to boost the adoption of this Coinbase- Circle supported stablecoin.
USDC, which was introduced by Goldman Sachs-backed Circle facilitates instant money transfer. Circle and Coinbase have jointly founded CENTRE Consortium for the stablecoin release. This is for the first time that Coinbase, the U.S. based digital asset exchange backed the launch of a stablecoin, which is 100% pegged with U.S. dollars. In this joint venture, both the companies lay emphasis on a compliance approach, keeping a track record of the security.
The market value
The underlying blockchain technology supporting the digital dollar improves the speed of transaction, its use in dApps, simplifies its program and favours local storage in place of traditional bank accounts needed for fiat currencies. On Ethereum blockchain, one USDC and a U.S. dollar hold the ratio of 1:1. At press time, going by Coinmarketcap data, USDC stands at the 25th position in terms of market cap with an overall market value of nearly $196.60.
With the bears ensconcing the market in 2018, investors have been increasingly incorporating stablecoins into their portfolio. Tether [USDT] the top stablecoin, currently occupying the 5th spot on the global coin ladder, came in for flak this year, with critics arguing that the coin is not actually backed 1 for 1 by the U.S. dollar. Given this apprehension with the top-stablecoin, several other similar players have entered the stablecoin fray. Among them, one such is USD Coin [USDC] along with the 31st ranked Paxos Standard [PAX], the Winklevoss twins’ Gemini dollar [GUSD] and True USD (TUSD).