Opinions

Binance Adds USDC to List

Binance has announced that it will open trading for USDC trading pairs at 2018/11/17 03:00 AM (UTC), two days from now.

In a blogpost, Binance, a major platform for trading, announced that it will open trading for Circle’s USD-pegged stablecoin USD Coin (USDC).

In order to clear negative energy around the whole concept of stablecoins, Binance announced the complete transparency of the funds held by the platform by top-notch independent auditing structures.

‘..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 adoption of stablecoins has seen its own share of highs and lows. Numerous exchanges have adopted multiple stablecoins while many stablecoins, particularly Tether, have caused market implosions and bearish runs by breaking the 1:1 stablecoins promise.

USDC too, has deviated from the certain path many times, usually for the positive side.

USDC Chart
Source: CoinMarketCap

But compared to the ‘volatility’ Tether has seen, it’s still going strong.

Tether Charts
Source: CoinMarketCap

 

CEO Binance Changpeng Zhao went to Twitter to express the hope for more stablecoin adoptions when the exchange added Paxos’ stablecoin in September.

‘Regulated stable coins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too.’ — CZ Binance (@cz_binance) September 21, 2018

Investors may not be happy with all the attention stablecoins are deflecting, but many are hopeful that this might help in industrial adoption as the volatility is tamed. Till that day, we keep building future, one step at a time.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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