Binance Removes Coinbase-Circle’s USDC Trading Pairs, CZ Says’ “Nothing Personal”
- ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, and USDS/USDC no longer tradeable on Binance
- Binance CEO Changpeng Zhao says no one’s trading it
- Meanwhile, The exchange added two new fiat gateways, Polish Zloty (PLN) and Swedish Krona
The leading cryptocurrency exchange Binance has removed five of the USDC trading pairs, announced the exchange on Jan. 6.
From today onwards, Jan 7, 8:00 AM (UTC), ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, and USDS/USDC trading pairs will be removed and cease trading on Binance.
USDC is a US dollars backed stablecoin which according to its website are held in reserve by regulated financial institutions. The ERC-20 token is the first offering of CENTRE, an open-source project launched by US-based crypto exchange Coinbase and peer-to-peer payments technology company Circle.
Coinbase pays 1.25% interest on USDC stablecoin, a way for customers to earn rewards without any additional cost or fees.
On the weekend, Coinbase CEO Brian Armstrong while making some big predictions for the crypto market in the 2020s wrote that USD Coin (USDC) could be the solution that US turns to in place of digitizing its dollar just like China is doing with its yuan.
Circle CEO Jeremy Allaire also highlighted how USDC is outpacing the stablecoin market.
(1/3) While the industry and media hype out over future/un-launched 'stablecoins' and CBDCs, the market is speaking for itself. USDC has continued to outpace (~$520M in circulation), PAX has flat-lined at $240M, TUSD in rapid decline and GUSD and BUSD are DOA.
— Jeremy Allaire (@jerallaire) January 3, 2020
“No one’s trading it”
Coinbase meanwhile doesn't have BNB, Binance’s native token listed on its platform. In late August, during an AMA session, Binance CEO Changpeng Zhao said BNB could one day get on Coinbase, “We’ll see. Maybe one day, hopefully. Careful what you wish for.”
As for the reason behind the removal of the competitor’s token from his exchange, “CZ” clarified, “Nothing personal, just low liquidity. No one’s trading it.”
There are other USDC trading pairs still available on the platform.
Amidst this removal, Binance made some new additions as well. The exchange added two new fiat gateways in the form of Polish Zloty (PLN) and Swedish Krona.
Binance also launched XRP/USDT contracts with up to 75x leverage on its futures platform that had the price of the third-largest cryptocurrency surging.