Binance just announced the addition of Circle’s stablecoin USDC on its platform. They revealed the big news is a blog post which said that it ”will open trading for USDC/BNB and USDC/BTC trading pairs at 2018/11/17 03:00 AM (UTC).”
The exchange announced that users could start depositing USDC via the platform before the trading begins tomorrow.
Binance also said that “USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued” for enhanced transparency.
USDC’s popularity is increasing
USDC attracted increased interest from more and more investors also important exchanges have become fond of it and recently announced that they would list the stablecoin. These are Huobi Global and OKEx.
Speaking of Huobi, it seems that the crypto exchange recently dismissed 60% of its workforce at the branch in Brazil. The exchange entered this country a few months ago. The reasons behind the dismissal are not known at the moment.
CCN reported that the local news outlet Portal do Bitcoin revealed that Huobi Brazil’s CEO Frank Tao has confirmed that six of the exchange’s ten employees in this country have been dismissed.
Binance CEO Changpeng Zhao recently praised the stablecoin which made its debut into the crypto space.
During the announcement that Binance will support Paxon, Zhao made it very clear that stablecoins are completely welcomed, and they will be a middle ground in the crypto space.
Regulated stable coins serve as a middle ground where regulators maintain control, but the token also offers far more freedom than traditional fiat for users. Hope more will copy/follow/improve, and for other fiat currencies too. https://t.co/2r5Z1WlzJu
— CZ Binance (@cz_binance) September 21, 2018
What’s next for Binance?
Binance plans to focus more on professional traders’ needs these days, and as a result, the team behind the exchange is developing new services for institutional-grade investors.
By developing various products, Binance’s main aim is to gain a more competitive edge.
One of the most impressive new features that the crypto exchange implemented is support for sub-accounts. Any transfer between sub-accounts will occur without fees, and such an improvement will turn out crucial for institutional investors.