Goldman Sachs-backed startup Circle has announced that Binance will list its USDC stablecoin.
Binance, one of the world’s largest cryptocurrency exchanges, has opened deposits for USDC. Beginning tomorrow, at 10 p.m. EST, trading for USDC/BTC and USDC/BNB pairs will be possible.
The news of the addition of Circle’s USDC stablecoin comes at a time when the market saw a sea of red during trading yesterday. The result of which saw around $33 billion wiped off of the market cap in 24 hours. At the time of publishing, it’s currently worth $181 billion.
However, while Bitcoin and its cohort have seen drops in value between 10-20 per cent, 47th-placed USD Coin is in the green following the Binance news. Data from CoinMarketCap shows that it’s valued at $1.04, representing a 2.26 per cent price increase. This, of course, is slightly higher than the pegged one-to-one with the U.S. Dollar.
Since its launch earlier this year, USDC has seen widespread adoption and is available on a number of crypto exchanges. Some of these include Bit-Z, Changelly, Gatecoin, KuCoin, OKEx, and Poloniex to name a few. It’s also listed on various wallets, service providers, platforms, and app providers.
With a market cap worth $148.3 million, there are some who are confident that interest will continue to grow. Two of which are Circle and San Francisco-based exchange Coinbase.
Last month, the pair announced that they had co-founded the CENTRE Consortium. The aim of which is to establish a “standard for fiat on the internet…providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”
Customers are able to tokenise dollars into USDC and redeem USDC into dollars through Circle and Coinbase. In October, Coinbase also announced that it was launching the USDC stablecoin on Coinbase Pro. At the time, David Farmer, general manager at Coinbase Pro, said:
“With this launch, Coinbase Pro users can now easily convert large quantities of U.S. dollars into USDC and back at no fee and without exchange rate risk, can send USDC back and forth to their Ethereum wallets, and can also trade the two most popular digital currencies (Bitcoin and Ether) for USDC.”
He added that this was the first step toward making USDC useful, helping to build a more open financial system.