- USDC is an ERC-20 stablecoin based on the Ethereum smart contracts blockchain
- Circle claims more than 50 partners have joined the USDC network since its launch in October 2018
- USDC trading against supported pairs begins on November 17
Binance, the world’s largest distributed ledger technology (DLT) based digital assets exchange by 24-hour trading volume has announced support for Circle Internet Financial’s stablecoin, USDCoin (USDC) and trading on all USDC pairs against bitcoin and Binance BNB token will go live on November 17, 2018, reported Finance Magnates on November 15, 2018.
USDC Now Live on Binance
At a time when stablecoins are gaining significant traction in the crypto space, due to their promise of helping hodlers overcome the virtual currency volatility challenge, forward-thinking bitcoin trading platforms are joining the stablecoin bandwagon with each passing day.
Now, the Changpeng Zhao led Binance cryptocurrency exchange, which is currently the largest crypto assets trading platform in the world, with over $1 billion in 24-hour trading volume, has listed Circle’s USDC stablecoin.
Beginning immediately, USDC holders can now deposit the stablecoin on Binance, with trading on various USDC pairs including BNB/USDC and BTC/USDC scheduled to begin on November 17, 2018.
Launched in October 2018, by Goldman Sachs-funded Fintech firm, Circle Internet Financial, USDCoin (USDC) is backed 1:1 with the U.S. dollar and the stablecoin makes it possible for cryptocurrency holders to overcome the volatility challenge by exchanging their bitcoins and altcoins for the stablecoin.
Just like thousands of digital assets currently in existence, USDC is an ERC-20 token powered by Ethereum, but unlike other altcoins, the stablecoin is based on an open source fiat stablecoin system crafted and governed by the CENTRE blockchain project founded by Circle and Coinbase crypto exchange.
Tether’s (USDT) Downfall, A Blessing To Others
Tether (USDT), the world’s first stablecoin was created as far back as July 2014 as RealCoin and started its stablecoin journey in 2015 and held its own until the recent controversies and questions concerning its cash reserves made it lose parity with the U.S. dollar.
At press time, the price of USDT sits at $0.98 instead of $1.
The calamity that has befallen USDT has somewhat given other U.S dollar-pegged stablecoins a chance to shine and has also inspired the creation of more solid stablecoins by highly reputed startups like Gemini cryptocurrency exchange which recently launched own stablecoin called the Gemini Dollar (GUSD).
Interestingly, while dollar-pegged non-volatile cryptos are growing in their numbers, some other innovators are looking to launch gem-backed stablecoins.
In September, Blockchain Reporter informed that Eidoo had announced move to create own stablecoin called the eikon which will be backed by real gold held in secure vaults.