USDC, one of the popular stablecoins, has not been on the agenda lately. Recently, Vitalik Buterin traded over $50,000 USDC. Meanwhile, Binance has announced that it will reopen the USDC/USDT pair. Here are the details…
Binance re-supports USDC/USDT pair
Binance has announced that it will relaunch USDC trading with the USDC/USDT trading pair at 5pm UK time. USDT is the largest stablecoin and is issued by Tether. cryptocoin.com As we reported, this development comes after Binance recently announced that it has temporarily stopped the automatic conversion of USDC to BUSD due to market conditions. Binance cited high entries and increased load to support conversion as reasons for the temporary suspension of automatic conversion.
The move is seen as a standard risk management procedure by the exchange, which will continue to monitor the situation. The re-listing of USDC on Binance will likely be welcomed by traders seeking stablecoin alternatives to USDT in light of concerns about its stability and transparency. USDC is seen as a more transparent and regulated alternative to USDT, and Binance’s move to restart USDC trading will likely be seen as a positive step by traders.
Circle announces $3.3 billion in SVB
This move by Binance comes after the exchange stopped trading USDC pairs in September 2022 and introduced the BUSD auto-conversion feature for users’ current balances and new 1:1 stablecoin deposits such as USDC, USDP and TUSD. The move was seen as a way to help traders avoid the fluctuations associated with conversions between stablecoins and fiat currencies.
Following recent concerns over the stability of USDT, Circle, the company behind USDC, recently announced that it has $3.3 billion USDC reserves at Silicon Valley Bank (SVB). This was seen as an effort to ease concerns about the USDC’s stability and its ability to peg to the US dollar. The relisting of USDC on Binance and Circle’s efforts to increase transparency around its reserves can be seen as positive steps towards building greater trust in stablecoins and the broader cryptocurrency market.
Vitalik Buterin trades USDC
On the other hand, Vitalik Buterin, the founder of the Ethereum network, converted his 20,040 RAI coins into USDC. This transaction appeared on Etherscan. Buterin’s converted amount marks just over $56,700. RAI is an unpegged, ETH-backed stable asset. It is claimed to be useful as a more “stable” collateral for other DeFi protocols (compared to ETH or BTC) or as a stable asset with a built-in interest rate.
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