Malta-based digital asset exchange, Binance, has announced that it will starting listing Circle’s new stablecoin, USDC.
USDC/BTC, USDC/BNB Trading Pairs Start On Nov 16th
Binance, the world’s largest crypto exchange (in terms of daily trading volume), will open deposits for USDC and trading for USDC/BNB and USDC/BTC pairs on November 16th at 10:00 PM US Eastern Standard Time (EST).
Binance’s Medium blog post regarding the new listing mentions that “USDC has seen widespread adoption across the crypto ecosystem and is available globally on exchanges.”
Circle, Coinbase-Backed USDC
According to Binance’s estimates, the current circulating supply of USDC has exceeded $148 million and over “50 exchanges, protocols, platforms, applications and wallets” now support Circle’s USD-backed coin.
Moreover, Binance’s blog mentions that Circle Internet Financial and San Francisco-based crypto exchange, Coinbase, believe that the USDC will be increasingly used by traders – as market participants are looking for more “transparent and compliant USD tokens.”
CENTRE Consortium Established To Promote Stablecoin Adoption
Notably, Circle developed the USDC through a collaborative effort with Coinbase and both companies established the CENTRE Consortium – “with the goal of establishing a standard for fiat on the internet.”
The CENTRE Consortium also aims to provide a governance framework for cryptoassets, in addition to a “network for the global, mainstream adoption of fiat stablecoins.”
Similar to how most stablecoins are used, customers “can tokenize US dollars into USDC and redeem USDC into US dollars through both Circle and Coinbase”, Binance’s blog explained.
USDC Addresses May Be “Blacklisted” In Cases Of Suspicious Or Illegal Activity
As CryptoGlobe reported recently, Circle has explained in its user agreement that the American fintech is able to freeze user funds (USDC deposits), terminate accounts, and report accounts in case of suspicious activity.
Circle’s user agreement reads in part:
Circle reserves the right to “blacklist” certain USDC addresses and freeze associated USDC (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the terms of this User Agreement (“Blacklisted Addresses”). In the event that you send USDC to a Blacklisted Address, or receive USDC from a Blacklisted Address, Circle may freeze such USDC and take steps to terminate your USDC Account.