Binance, the second largest cryptocurrency exchange daily trading volumes, has announced support for stablecoin USDC. It will be added to Binance listing as of November 11.
“Binance will open trading for USDC/BNB and USDC/BTC trading pairs at 2018/11/17 03:00 AM (UTC). Users can now start depositing USDC in preparation for trading,” the official announcement says.
USDC was created by Circle startup at the end of September, though, despite its young age it is now the 49 largest cryptocurrency according to CoinMarketCap rating. Currently, it is most actively traded on Poloniex, which was acquired by Circle in February 2018.
The listing on Binance will help to propel USDC trading volumes and its market cap.
The cryptocurrency exchange reminds that the stable coin is designed to maintain a one-to-one ratio with USD, which means that traders should be careful when the exchange rate deviates too much from this ratio.
“Additionally, 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,” the company added.
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