Binance has opened deposits for stablecoin USDC, with full trading functionality beginning on Nov. 17.
Major cryptocurrency exchange Binance announced it would list Circle’s USD-pegged stablecoin USD Coin (USDC) in a blog post Nov. 15, with deposits opening immediately.
USDC, which the financial services company announced in May this year and released in September, is one of an increasing number of cryptocurrencies notionally tied 1:1 with a major fiat currency.
Binance is not the first major platform to list USDC, U.S. exchange Coinbase supporting the asset since the end of last month.
“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,” Binance adds in its statement today.
The exchange also noted that trading for USDC/BNB and USDC/BTC trading pairs will begin Nov. 17.
Exchanges across the world have stepped up efforts to support fiat-backed stablecoins as more and more are issued, Cointelegraph reporting on how the currently world’s largest crypto exchange OKEx as well as major competitor Huobi recently opted to list four USD stablecoins at once.
Binance has not been shy about its enthusiasm for stablecoins, CEO Changpeng Zhao saying he “hoped more” would surface when the exchange added Paxos’ USD-pegged asset in September.
“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 wrote on Twitter at the time, adding:
“Hope more will copy/follow/improve, and for other fiat currencies too.”
Binance is currently the world’s second largest cryptocurrency exchange by 24-hour trade volumes, seeing over $1.5 billion in trades on the day to press time.