Circle’s USDC Stablecoin Comes to Binance, Alternative to Tether?
Shutterstock/ wan wei
Main page Analytics, Binance, Cryptocurrency Exchanges, Cryptocurrency, Stablecoins
Hot topic
Nov. 16, 2018
68 68

Binance crypto exchange will add a stablecoin developed by the Circle blockchain startup to its listing. USDC will be available for the exchange from November 17 in pairs with Bitcoin (Bitcoin) and Binance Coin (BNB). The largest cryptocurrency exchange has announced it in the official blog.

What can be even better for users who are constantly questioning the work of the other 1:1 fiat backed stablecoins, is the promise of Binance to audit the newly listed coin every month?

“Additionally, 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,” stated the exchange.

The trading platform shows an interest in stablecoins, as these digital currencies are collateralized in the form of fiat money or other reliable assets.

Stablecoins Unite in Association

Circle announced the launch of its stablecoin USD Coin in September this year. It joined the list of digital currencies secured by real assets. Stablecoin became one more crypto analogue of the American dollar.

Currently, USD Coin ranked 49th on the Coinmarketcap. Its daily turnover is exceeding $9.8 million market cap; $144,441,378 USD and the total amount of backed by U.S. dollar coins currently issued by the team is around 143.3 USDC.

Circle’s USDC Stablecoin Comes to Binance, Alternative to Tether?
CoinMarketCap

Circle's stablecoin is already trading on the Coinbase and Poloniex exchanges. In October, the USDC trading became available on BitPay bitcoin service payments. Adding a stablecoin to the Binance listing can increase trading volume and its total capitalization.

Right after the announcement, the price of the coin surged up to $1.05 but as the practice shows, it went back the next day. Currently, the coin is trading at $1.02 (-1.21%) mark.

Stable cryptocurrencies are common in the market. The most striking example is Tether. It ranks eighth in total capitalization among cryptocurrencies.

However, Tether is famous for its shady reputation. USDT token has been re­ceived by the crypto en­thu­si­asts with sus­pi­cion from the very be­gin­ning, and even the re­sults of the audit could not con­vince them. Cryp­tocur­rency is con­stantly blamed for the lack of trans­parency, in­com­plete se­cu­rity, and ex­ces­sive cen­tral­iza­tion. Stud­ies have also been re­peat­edly pub­lished con­firm­ing the link be­tween the USDT issue and the ma­nip­u­la­tion of the quotes of other coins.

With the fad­ing con­fi­dence in one of the oldest stablecoins, in­vestors started to choose other al­ter­na­tives. And this year they really have something from what to choose.

Stablecoins Under Test: All You Need to Know

Earlier, its own stablecoins were launched by Carbon (Carbon USD), Tiberius Group AG (Tiberius Coin backed by seven metals) and the London Block Exchange (LBX­Peg backed by the British pound sterling). The Japanese company GMO Internet plans to create a stablecoin tied to the yen. And the People's Bank of China wants to launch stablecoin backed by the yuan.

Today it became known that eToro, the UK-based crypto and fiat ex­change plat­form is planning to launch its own stablecoin in 2019. Answering the question “will eToro issue its own stablecoin in 2019?” at Finance Magnates London Summit, Yoni Assia the CEO of the platform said: “absolutely yes!”

Sub­scribe to our Telegram chan­nel to stay up to date on the lat­est crypto and blockchain news.

Read also:
Please describe the error
Close