Major crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset in its combined Stablecoin Market.
Crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ). The exchange has announced this in an official post published Dec. 14.
USD Coin (USDC), first announced by Goldman Sachs-backed Circle this May, and released in September, is one of a host of new stablecoins notionally pegged 1:1 to a major fiat currency.
This November, Binance, currently the world’s largest crypto exchange by daily trade volume, had rebranded its Tether (USDT) Market as the combined USDⓈ market to allow for the support of more trading pairs with different stablecoins offered as a base pair.
Today’s latest development will add six new trading pairs with USDC as a quote asset: native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance is also adding a USDC trading pair with fellow stablecoin Tether.
According to the announcement, the exchange will replace and delist its former USDC/BNB and USDC/BTC trading pairs, which had just been launched mid-November.
Just ahead of Binance, major United States’ cryptocurrency exchange Coinbase had made USDC the first stablecoin available for trade on its platform in October.
With the proliferating issuance of fiat-backed stablecoins, major exchanges have stepped in to list the new coins: both OKEx and Huobi recently opted to list four USD stablecoins at once.
Earlier this week, Binance launched a collection of educational content comprising almost 500 articles in order to provide “unbiased” information about crypto and blockchain, as part of its Binance Academy initiative, which launched this summer.
According to CoinMarketCap, the exchange has seen $464,404,519 in trades over the 24 hours before press time.