On the 16th of November this year, Binance announced that it was renaming its Tether (USDT) market to a combined Stablecoin Market (USDⓈ). The exchange explained that the move was to support more trading pairs with different stable coins as a base. The exchange went on to clarify that the new category is not a new stablecoin in itself.
Please note that USDⓈ is not a new stablecoin: it is the symbol of Binance’s new stablecoin market.
Binance Adds USD Coin (USDC) to Its Combined Stablecoin Market
This then left one stablecoin that is yet to be added to the new market: USD Coin (USDC). The exchange has now announced that it will be adding the following trading pairs with USDC as a base to its Combined Stablecoin Market.
Although the pairs are visible on the platform, the pairs will not be active for trading till the 15th of December, 03:00 am (UTC). Existing USDC pairs with BNB and BTC as a base will be removed and delisted by the 16th of December, 03:00 am (UTC). All existing orders of these pairs will be canceled at this time.
A Brief History of USDC
USDC was introduced to the crypto and trading community by the CENTRE Consortium: a joint venture co-founded by Circle and Coinbase. The main goal of the stable coin was to establish a standard for fiat on the internet and provide a governance framework and network to foster global, mainstream adoption of asset-backed stablecoins. USDC is an ERC20 token.
What are your thoughts on the new Stablecoin Market by Binance that gives traders extra options of stablecoins? Do you think it is a good idea? Please let us know in the comment section below.
[Image courtesy of Centre.io]
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