Major crypto exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin

Top cryptocurrency exchange Binance on Thursday announced that it will list USDC on its platform. USDC is a stablecoin pegged to the U.S. dollar that facilitates instant money transfer.

The stablecoin, which was introduced by Goldman Sachs-backed Circle, was launched in September. “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 said in the blog post.

Binance also mentioned that it will start trading for USDC/BNB and USDC/BTC pairs from November 17. Presently, USDC is only being paired with Binance Coin [BNB] and Bitcoin [BTC]. The exchange said users can prepare for the listing by depositing USDC in their wallets immediately.

The platform also warned users about keeping a check on USDC’s price, which makes sense owing to the recent Tether [USDT] debacle. “USDC is a stablecoin designed to be pegged one-to-one with USD (1 USDC = $1 USD). Please be cautious if/when the price deviates from this ratio,” the platform said.

Prior to Binance’s listing, U.S.-based cryptocurrency exchange Coinbase had added USDC to its platform. “This is the first time Coinbase has supported a stablecoin,” the exchange said in its official blog.

Crypto exchanges OKEx and Huobi have also expressed their intention of listing four USD stablecoins at one go.

Expressing Binance’s preference for stablecoins, CEO Changpeng Zhao tweeted, “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.”

Also read: Institutions “taking money off the table” was a major factor contributing to Bitcoin’s and altcoins’ sudden price drop

Source: https://bcfocus.com/news/crypto-exchange-binance-adds-support-for-circles-usdc/40407/