Survival for the fittest: Tether USDT Vs. USDC

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  • USDC to get listed on Binance in the wake of Coinbase listing.
  • Troubled Tether is slipped below $1.00 as USDC hits $1.06 and Gemini Dollar $1.18.

The introduction of stablecoins was a game changer in the crypto industry. Before the fiat backed coins became a reality people had to purchase Bitcoin in order to buy altcoins. However, the entrance of Tether (USDT), on Bitfinex paved the way for a wider scope in the digital currency economy. At the time of writing, the industry is host to a colossal amount of stable coins.

About USDC

This is a stablecoin that was launched in September 2018 by the U.S.-based Circle. The aim of the stablecoin is to have the US dollar as a token in addition to seamless transfer of value on the constantly growing blockchains. USDC was created in collaboration with CENTRE consortium.

“Circle and Coinbase co-founded the CENTRE Consortium with the goal of establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”

Binance Listing USDC

Binance, has announced its intensions to add Circle’s USDC a tradable instrument. Tether has been for a long time been the preferred token to trade with on the exchange. Binance will have several pairs for USDC including Bitcoin and its own issued token Binance Coin (BNB) come November 17.

While Tether continues to grapple with negative publicity and criticism, USDC is blowing off the roof. In a few months of operation, it has achieved a market capitalization of $16 million. The journey for USDC is just beginning but Tether is already feeling the hit. The listing on Binance is going to give the crypto a huge boost. USDC released a statement to prove the community that it is up to the task to be a the preferred stablecoin in the crypto space:

“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.”

Tether is still languishing; besides it has dipped below $1 to trade at $0.964. On the contrary, USDC hit a $1.06 while another stablecoin referred to as Gemini Dollar achieved highs of $1.18. On the bright side, investors and traders have wider choice at the moment and do not have to suffer with the troubled Tether.

 

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