Kraken Lists USDC the Day After Binance Drops It for Some Pairs

Kraken, which considers USDC the world's fastest-growing stablecoin, adds it a day after Binance removed certain trading pairs for the stablecoin.

Jan 8, 2020 at 6:46 p.m. UTC
Updated Sep 13, 2021 at 12:06 p.m. UTC

Kraken has listed the USD Coin, which it described as the "world's fastest-growing stablecoin," the day after rival Binance removed certain trading pairs for the same coin claiming "low liquidity."

Kraken said deposits and trading would go live Wednesday for USDC trading pairs with bitcoin, ether and tether, as well as the U.S. dollar and euro.

The exchange added the stablecoin enjoyed "unparalleled" support from more than 100 companies and 60 exchanges in the crypto industry. "

CENTRE, the entity which issues USDC, said the stablecoin became the second to have its market cap cross $500 million last month, according to an official blog post. "The market cap has since fallen below $500 million, which is a function of market dynamics."

Binance said Tuesday it would delist certain USDC trading pairs including ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, USDS/USDC. "Nothing personal, just low liquidity. No one’s trading it," tweeted founder and CEO Changpeng Zhao.

CoinDesk - Unknown

USDC recently surpassed $500 million deposits, the second stablecoin to do so.

Binance launched its own dollar-backed BUSD stablecoin in September. Compared to the $500 million worth of deposits for USDC, BUSD has so far attracted approximately $25 million. Tether remains by far the most popular stablecoin with a market capitalization of over $4.6 billion.

USDC was a joint venture of Circle and Coinbase that launched in October 2018. Available in 86 countries around the world, accounting firm Grant Thornton audits the stablecoin's deposits on a monthly basis. In Bermuda, where Circle is headquartered, the government started accepting USDC for taxes as well as for payment of public services.

Last April, Kraken followed Binance in delisting Bitcoin SV, claiming the project was "completely antithetical to what this community is about.”

UPDATE (Jan. 8, 2020, 19:25 UTC): An earlier version of this story overstated Binance's move. The exchange delisted USDC for certain trading pairs, not all.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
China Can’t Seem to Stop Bitcoin Mining

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

Reported hashrate fell to zero for two months in China last year, but it has since returned rather abruptly.

CoinDesk - Unknown
2
CoinDesk - Unknown
Could Local Digital Currencies Improve Communities?

That's the argument of the president of the RadicalxChange Foundation.

That's the argument of the president of the RadicalxChange Foundation.

CoinDesk - Unknown
3
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
4
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown