Binance Introduces New USDC Trading Pairs
Binance, the world’s largest cryptocurrency exchange, has announced that it is adding several major cryptocurrencies to its spot trading pairs in USDC. This move comes as Binance aims to expand support for multiple stablecoins and phase out its own token BUSD. The newly listed spot trading pairs include Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), and Polygon (MATIC). Starting from December 12, users will be able to trade these cryptocurrencies in USDC pairs.
Expanding Support for Stablecoins
In an official announcement, Binance stated that it will list key crypto spot pairs against Circle’s USD Coin (USDC). By adding support for multiple stablecoins, Binance aims to provide more options for traders and investors. The initial list of trading pairs includes ADA/USDC, ARB/USDC, AVAX/USDC, DOT/USDC, INJ/USDC, MATIC/USDC, OP/USDC, ORDI/USDC, SOL/USDC, and XRP/USDC. These coins were chosen based on their popularity and high trading activity.
Bringing Back USDC Support
Binance had previously discontinued support for various stablecoins including USDC but reversed its decision in October. The exchange also announced plans to enable deposits and withdrawals for USDC on the Polygon blockchain network. However, the SEC’s crackdown on BUSD prompted Binance to end support for its own stablecoin and embrace other stablecoin options like USDC.
Crypto Prices React to the News
Following the announcement, the prices of the newly listed cryptocurrencies experienced some movement. SOL saw a slight decline of over 1% in the last 24 hours, currently trading at $112.23. XRP, on the other hand, jumped nearly 1% to $0.624. Other cryptocurrencies like Cardano, Avalanche, Polkadot, and Polygon also witnessed an uptick in their prices, with MATIC rallying over 20% to $1.07.
Hot Take: Binance Expands USDC Trading Pairs
Binance’s decision to add major cryptocurrencies to its spot trading pairs in USDC is a strategic move aimed at providing more options for traders and investors. By expanding support for stablecoins like USDC, Binance aims to cater to the growing demand for alternative stablecoin options amidst regulatory scrutiny. The addition of popular coins like Solana, XRP, Cardano, and others reflects Binance’s commitment to offering a diverse range of assets for trading. This move is likely to attract more users to Binance’s platform and contribute to the overall growth of the crypto market.
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