The cryptocurrency market has been locked in recent events around the USD Coin (USDC), the stablecoin of Circle, which has been struggling with its reserve deposits in the sinking Silicon Valley Bank. The loss of USDC’s dollar peg triggered a panic selling in the market and Bitcoin and altcoin prices fell hard. Amidst these developments, Binance Futures announced that it will launch the USDC Perpetual Contract, which provides leverage of up to 30x.
30X leveraged futures contract for the controversial altcoin is coming!
Amid the turmoil in the crypto market, Binance Futures, the futures arm of crypto exchange Binance, announced in a recent announcement that it will launch the USDⓈ-M USDC Perpetual Contract with up to 30x leverage. The contract will be valid as of today and users will be able to trade 24/7. On-chain data monitoring platform WuBlockchain shared the following statement on its Twitter account:
Binance Futures will launch the USDⓈ-M USDC perpetual contract with up to 30x leverage. After the last large trading volume of the Bybit USDCUSDT perpetual contract, major exchanges have launched the USDC perpetual contract.
The underlying asset for this contract will be USDC, the troubled altcoin project of recent days, and the consensus asset will be Tether (USDT), another stablecoin. Tick size is set to 0.00001 and capped funding rate will be Clamp (Funding Ratio, -0.75 * Maintenance Margin Ratio, 0.75 * Maintenance Margin Ratio). Designed to be 30x the maximum leverage allowed for this contract
Meanwhile, Binance stated that it may adjust the specifications of the contracts from time to time according to market risk conditions. Additionally, the multi-asset mode will allow users to buy and sell between multiple margin assets, subject to applicable deductions for the USDC-USDT Perpetual Contract. It is worth noting that the USDC-USDT Perpetual Contract will be subject to the terms of the Binance Terms of Use and Binance Futures Service Agreement.
Binance adds three new trading pairs
cryptocoin.com As we reported, Binance recently added three new trading pairs to its platform. Traders can now trade BNB/USDC, BTC/USDC, and ETH/USDC on Binance Spot. This announcement comes shortly after Binance reinstated USDC trading with the USDC/USDT trading pair. The temporary halt in the automatic conversion of USDC to BUSD has been implemented by the exchange as a standard risk management procedure due to high inflows and the increased burden of supporting the conversion.
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