Binance, an impactful cryptocurrency Exchange declared that it would include USD-pegged stablecoin USD Coin (USDC) on its platform, with deposits opening immediately.
In its statement, Binance explained about the same, “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.”
The CEO of the exchange Changpeng Zhao “CZ”, commented on this by saying that he “hoped more” would surface when the exchange added Paxos’ USD-pegged asset in September. He stated, “Regulated stable coins [sic] serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users.”
He concluded saying, “Hope more will copy/follow/improve, and for other fiat currencies too.”
The exchange also proclaims that trading for USDC/BNB and USDC/BTC trading pairs will start from Nov. 17.
Notably, Binance is the second largest crypto exchange after OKEx in terms of trade volumes, having over $1.5 billion in trades on the day to press time. However, Binance is not the first ever crypto platform to add USDC, as famous U.S. exchange Coinbase has also been supporting the asset since the end of previous month.
USDC was introduced in May 2018 by Circle. It is among the increasing number of cryptocurrencies notionally tied 1:1 with a significant fiat currency.
By now, exchanges are showing a positive response to fiat-backed stablecoins. Recently, OKEx and its major competitor Huobi chose to list four USD stablecoins at once.
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