Binance, the leading cryptocurrency exchange has announced that it will be listing Circle’s USD-backed stable coin (USDC) through a blog post on November 15, with a claim to open its deposit immediately.
Financial service provider company, the Circle announced this May to launch USDC in September, is adding with the already growing list of stable coins tied 1:1 to centralize fiat currency.
After Coinbase’s move to list USDC last month, Binance is next crypto exchange to support it.
In the blog, Binance states, “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 will be launching the trading pairs, USDC/BNB and USDC/BTC from November 17.
As the crypto market is seeing expansion more and more exchanges are coming to support fiat-backed stable coins. Other leading exchanges like, OKEx and Huboi are also making their move to list stable coins.
CEO of Binance, Changpeng Zhao also showed his interest in stable coins saying, “hoped more” would come ahead as the exchange added Paxos’ USD-pegged asset last September.
He tweeted, saying, “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,” adding, “Hope more will copy/follow/improve, and for other fiat currencies too.”
Currently, Binance is worlds second largest cryptocurrency exchange by 24-hour trade volume.