Binance, a cryptocurrency exchange, is planning to offer new USDC trading pairs on its spot market on December 28. This move is intended to stimulate trade and expand the range of alternatives available to users.
On December 27, the firm issued a press release in which it notified users of its intentions to list 10 new trading pairs. This move is in accordance with the company's goals of providing healthy markets for customers on its platform.
Greetings, fellow Binancians! On December 28, 2023, at 16:00, Binance will begin trading the following pairs: ADA/USDC, ARB/USDC, AVAX/USDC, DOT/USDC, INJ/USDC, MATIC/USDC, OP/USDC, ORDI/USDC, SOL/USDC, and XRP/USDC.
Further disclosure of the revelation was made by blockchain writer Colin Wu on X (formerly known as Twitter), where he also included a list of trade pairings that the exchange will delist in the near future.
At the same time as the exchange is working to enhance its ties with USDC, including providing support for the stablecoin on Polygon, the news was made. Binance's assistance is seen by a number of experts as a means of bolstering trade and drawing fresh volumes in advance of a prospective application for a spot exchange-traded fund (ETF). This is when spot trading numbers are declining.
After reaching a recent settlement with the United States Department of Justice (DOJ) and other larger regulatory bodies across the market, the exchange has the potential to utilize the stablecoin in order to attract further institutional investment. This is certainly something to take into consideration.
This brings Binance full circle to USDC.
With the announcement that it will automatically convert a group of stablecoins owned by customers to BUSD, the largest exchange in terms of volume made the announcement in the previous year. At that time, users were at a crossroads due to the fact that some of them supported the change, while others stated that it was to restrict the USDC and boost the number of BUSD transactions.
On September 26, all spot stablecoin-to-stablecoin pairings that include the tokens will be deleted from Binance. Additionally, on September 29, all additional spot pairings, including the tokens, are slated to be delisted.
On the other hand, this year has seen a significant amount of attention hanging over laws regarding stablecoins, which has resulted in the corporation adopting a new strategy for dealing with the assets.
Additional requirements for stablecoins
Marina Parthuisot, the French legal director of the firm, made a veiled reference to the possibility of delisting all stablecoins in September, citing regulatory considerations as the rationale for her statement. In spite of the fact that the Markets in Crypto Assets (MiCA) law has been praised in a number of different circles, it has not yet authorized any stablecoin and is scheduled to go into force on June 30, 2024.
Circulate made the announcement that it has conditionally registered with French regulators the previous week. The company also stated that it is hoping to receive the complete regulatory approval after it has obtained a Digital Asset Service Provider License (DASP).
It is possible that this is the rationale for listing USDC trading pairs in addition to the decision that was made in the past to remove BUSD pairings from its markets.
Paxos was given the order to stop minting the asset, which led to the slow decrease in support for the cryptocurrency. The exchange has decided not to publish any new trading pairs beginning in February 2024, citing market circumstances and regulatory restrictions as the reasons.
According to the opinions of some commenters, the company's decision to withdraw support for the stablecoin was taken because of market rivalry with the asset. During this interim period, individuals across various social media platforms have expressed their approval of the newly listed USDC positions.
