Binance, the world’s largest cryptocurrency exchange by daily trade volume announced that it would list the USDC on Friday, November 16 at 10:00 pm Eastern Standard Time (EST). According to the Centre Consortium’s Medium blog post, Binance will open deposits for USDC and will enable trading for two pairs, the USDC/BTC and USDC/BNB.
USDC Met With Widespread Adoption
As previously reported by BTCManager, Circle and Coinbase launched a new stablecoin called the USDC in late October 2018. Although Circle first issued the USDC, Coinbase made it widely available to the general public through their cryptocurrency exchange.
Binance has joined Coinbase and many other cryptocurrency exchanges to host the USDC token. Although it’s only been a few months since the launch of USDC, over 50 cryptocurrency protocols, platforms, applications, and wallets exchanges such as BitGo, Elph, imToken, Tokenary, Kucoin, OKEx, and Poloniex, have adopted the USDC token.
The Centre Consortium’s post also mentioned that the circulating supply of USDC has grown significantly and currently sits at over $148 million. Furthermore, Coinbase and Circle customers are now able to tokenize their dollars into USDC and redeem these tokens into dollars via both cryptocurrency exchanges, making it a fungible and interoperable fiat stablecoin.
USDC Token Ranks In The Top 50
While there are hundreds of USDC tokens in the market, the USDC’s biggest competitor is Tether. According to Coinmarketcap, Tether is currently ranked eighth with a market capitalization of $1.6 billion. On the other hand, the USDC token is in the top 50, ranking 49th on the list. Despite the significant difference in market capitalization, the USDC has the potential to become the next successful stablecoin.
Circle and Coinbase believe that the USDC has great potential because the cryptocurrency community is looking for a more transparent and compliant USD token. They’re confident that the USDC can become a trusted stablecoin, and potentially dethrone Tether’s leadership position.
“Market infrastructure like stable coins will become the base layer that supports every financial application,” said Jeremy Allaire, the chief executive officer (CEO) from Circle, in a phone interview from Bloomberg. “It has to be legitimate, trustworthy, built on open standards,” Allaire added that the USDC solves these fundamental issues which are a significant difference from Tether and is something the market will gravitate towards.
According to Bloomberg, stablecoins are seemingly the new ICO of 2018. While the cryptocurrency industry experienced a 70 percent plunge from their all-time highs in December 2017, hedge fund investors believe that ICOs can provide triple-digit returns. Picking a prosperous, stable coin could give as much as 46 times return on the original investment. While it’s uncertain which stablecoin will dominate, the USDC is performing reasonably well in the stablecoin market.