Binance Adds USDC Market Starting With 6 Major Trading Pairs


Binance, a leading cryptocurrency exchange by traded volume, recently added USD Coin (USDC) as a base pairs in its stablecoin marketcalled USDⓈ, starting with six trading pairs.

Among the new USDC trading pairs are Bitcoin (BTC), Ripple (XRP), Stellar (XLM), EOS, scoring new fiat markets in addition to existing stablecoin trading pairs.

Binance USDC trading pairs

Binance added support for USD Coin a while ago, and initially listed two trading pairs in the form of BTC/USDC and USDC/BNB.

Binance warned its users:

“Please note: The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”

As per the exchange’s notice to its users, Binance now offers USDC trading pairs with Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), EOS (EOS), Stellar (XLM), and stablecoin Tether (USDT).

Going forward, users can only access the various trading pairs via the USDⓈtab and not the regular coin exchange. Apart from the native BNB, BTC and ETH are now the Malta-based platform’s primary trading tokens.

The new USDC markets are already operational in the special Stablecoin market, and currently, BTC/USDC is the highest traded pair with a volume of over 1.1 million, and ETH/USDC is second with just over 0.36 million.

New Liquidity for XRP, ETH, EOS, and XLM

Stellar (XLM) and Ripple (XRP) have a long intertwined history that stems from the days of Jed McCaleb leaving Ripple to found the Stellarlumens platform.

Both coins have looked to disrupt and transform the financial system, especially in the key market of cross-border payments.

While Ripple targets working with major international banks and financial institutions, providing a suite of solutions for faster cheaper and secure bank-to-bank transactions, Stellar have sought to directly with the unbanked and underbanked communities, working as a peer-to-peer payments platform.

Despite their checkered relationship, the two digital assets are set to benefit from a bump in liquidity following Binance’s move to introduce USD Coin (USDC) trading pairs for both.

Both XRP and XLM have already received a boost from the leading exchange due to the addition of trading pairs against stablecoins like Tether (USDT), Paxos Standard Token (PAX) and TrueUSD (TUSD).

USDC is, therefore, one more avenue for them to gain liquidity via another fiat-based trading pair. Notable, however, is that the two coins are nowhere close when it comes to liquidity, with XLM having one of the lowest trading volumes among the top currencies in the market.

At the moment, XRP is trading at $0.29 against USD and has a 24-hour trading volume of over $290 million. XLM, on the other hand, is trading at $0.098 against the US dollar, but its intraday trading volume is $68 million, less than a quarter of those posted by XRP.

The two coins are trading at prices way below their all-time highs, but are among the few altcoins whose prices are more realistic due to their extensive market presence that is enhanced by availability in numerous fiat markets.

Ripple and Stellar are both top ten cryptocurrencies at the moment, ranked second and fourth with market capitalizations of $11.9 billion and $1.8 billion respectively.

(Source: Binance)

Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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