Binance, currently the world’s third largest cryptocurrency exchange by bitcoin trading volume, is adding support for the recently launched stablecoin, USD Coin (USDC), this weekend.
Binance announced Thursday that it will open trading pairs for the regulated, U.S. dollar-pegged token against its own token Binance coin (BNB) and bitcoin (BTC) on Nov. 17, adding that it has already started accepting deposits for USDC in preparation for the start of trading.
Crypto finance firm Circle, which was involved in the token’s development, also confirmed the news with CoinDesk on Thursday.
USDC was launched in September by CENTRE consortium as a way to tokenize U.S. dollars and easily transfer value on public blockchains.
The support for USDC comes shortly after Wei Zhou, Binance’s CFO, told CoinDesk in October that the firm is looking to list more stablecoins. The news means Binance will support four stablecoins, with tether (USDT), Paxos Standard (PAX) and TrueUSD (TUSD) already on the books.
Last month, U.S.-based crypto exchange Coinbase also announced it was adding USDC as its first stablecoin offering. Coinbase is one of the founding members of the CENTRE consortium, along with Circle.
Other exchanges including South Korea-based Korbit and Japan’s Liquid have also recently made USDC available for trading on their platforms, according to a blog post by Circle on Tuesday.
More than 50 exchanges, protocols, platforms, applications and wallets now support the token, Circle said, adding that its circulating supply is currently at over 148 million.
Binance image via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.