Leading cryptocurrency firm Binance has become the latest exchange to list the USDC stablecoin.
In a statement, the cryptocurrency exchange indicated that trading of the USDC and bitcoin (USDC/BTC) pair, as well as the Binance token and the USDC (USDC/BNB) pair, will commence on November 17. Depositing the stablecoin which is pegged on a one-to-one ratio with the US dollar has, however, already started.
https://twitter.com/binance/status/1062902529011281920
USDC, which is an ERC-20 token on the Ethereum network, was launched by cryptocurrency exchange Coinbase and Goldman Sachs-backed crypto firm Circle last month. After the launch, it was immediately available for purchase, sale, sending or receiving on the Coinbase platform as CCN reported.
Besides seeking to supplant the monopoly-like hold that the oldest USD-pegged stablecoin Tether (USDT) has on the crypto ecosystem, Coinbase indicated at the time that USDC would contribute towards a more transparent financial system across the globe:
“The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”
Spreading the Tentacles
According to the CENTRE Consortium which was co-founded by Circle and Coinbase with the aim of spearheading the stablecoin development initiatives of the two firms, USDC is now available across the globe on multiple exchanges.
“In the few months since it was launched, USDC has seen widespread adoption across the crypto ecosystem and is available globally on exchanges representing tens of billions of dollars in trading volume,” said the CENTRE Consortium in a Medium blog post. “The circulating supply of USDC is now more than $148 million and more than 50 exchanges, protocols, platforms, applications and wallets now support USDC.”
Among the exchanges which announced the listing of the stablecoin earlier this week include Japan-based Liquid and Korea-based Korbit. Earlier in the month, the Cayman Islands-headquartered BitMart Exchange also announced the listing of USDC.
Top 100 Exchanges
October also saw several exchanges among the top 100, according to CoinMarketCap, announce the listing of the stablecoin. Deposits and withdrawals of USDC started on October 17 on Bit-Z while the month ended with South Korea-based CPDAX listing the USDC alongside other stablecoins such as GUSD by Gemini Trust, PAX by Paxos Standard and TUSD by Trust Token.
https://twitter.com/cpdax/status/1057831901174497280
A month prior USDC was listed on DigiFinex on September 27 where it was paired with the Tether stablecoin with the latter as the base coin – USDC/USDT. On September 28, USDC was listed on the HotBit crypto exchange where it was paired against ETH and BTC.
Other leading crypto exchanges on which USDC is listed include KuCoin, OKex, and Poloniex.
Featured image from Shutterstock.
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