Six More Exchanges List USDC as Stablecoin Competition Rises

USDC’s transparent model is giving a tough competition to stablecoin market leader Tether.

Goldman Sachs-backed Circle has announced that its dollar-pegged stablecoin USDC has been listed on six more exchanges. The exchanges are IDCM crypto exchange, Alpha Wallet, ChangeNow, Loopring, Salt Platform, and XinFin.

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With the recent listings, more than 75 crypto exchanges are now providing USDC trading options.

Unlike the stablecoin market leader Tether, Circle is maintaining a transparent approach with USDC. It has hired Chicago-based Grant Thornton LLP, one of the largest accounting firms in the United States, for third-party audits and recently released its second audit report of its accounts.

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Last month, Binance listed USDC and the move turned out to be a massive success for Circle as this exchange alone handles around 45 percent of USDC’s daily trading volume. Poloniex, Latoken, and Coinbase Pro are other major contributors to USDC trades. Coinbase also took the listing a step further and launched a 12-day campaign to promote its stable coin offering by publishing new features and services every day.

USDC was developed by Circle and Coinbase together under the CENTRE Consortium. The coin is based on Ethereum’s ERC-20 protocol and thus can be stored in any Ethereum-compatible wallet or platform.

Recently, many crypto startups are focusing on USD-pegged coins creating an explosion of these stable coins in the market. The Winklevoss twins are also trying their luck in this market as their crypto trading platform Gemini launched a stable coin called Gemini Dollar in October.

Circle’s stablecoin goes head-to-head with other stablecoins such as Gemini Dollar, Paxos Standard, and Tether (USDT). These USD-backed stablecoins are used as proxies for physical money on many cryptocurrency exchanges to avoid regulatory setbacks. However, Circle’s New York BitLicense will offer a fully audited alternative, in contrast to Tether which has been the subject of controversy and regulatory scrutiny due to lingering questions about its cash reserves.

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