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Cryptocurrency exchange, Binance is set to list new USDC trading pairs on its spot market on Dec 28 to drive trade and widen user market options.
In a Dec 27 press release, the company informed users of plans to list ten new trading pairs in line with its objectives to field robust markets for users on its platform.
“Fellow Binancians, Binance will open trading for the ADA/USDC, ARB/USDC, AVAX/USDC, DOT/USDC, INJ/USDC, MATIC/USDC, OP/USDC, ORDI/USDC, SOL/USDC, XRP/USDC at 16:00 on December 28, 2023.”
Blockchain reporter Colin Wu also disclosed the development on X (formerly Twitter) adding a list of trading pairs the exchange will delist in shortly.
Binance announced that it will list ADA/USDC, ARB/USDC, AVAX/USDC, DOT/USDC, INJ/USDC, MATIC/USDC, OP/USDC, ORDI/USDC, SOL/USDC, XRP/USDC at 16:00 on December 28, 2023, remove APE/BNB, APE/EUR, ARPA/ETH, BETA/ETH, CVX/BTC, ENS/BNB, EOS/EUR, ETC/EUR, KAVA/BNB, PAXG/BNB.…
— Wu Blockchain (@WuBlockchain) December 27, 2023
“…remove APE/BNB, APE/EUR, ARPA/ETH, BETA/ETH, CVX/BTC, ENS/BNB, EOS/EUR, ETC/EUR, KAVA/BNB, PAXG/BNB,” he added.
The announcement comes as the exchange improves USDC partnerships including offering support for the stablecoin on Polygon. Amid falling spot trading numbers, several analysts view Binance’s support as a way to bolster trade attracting new volumes ahead of a potential spot ETF application.
Notably, the exchange could leverage the stablecoin to usher in more institutional investment following its recent settlement with the United States Department of Justice (DOJ) and other wider regulatory issuers around the market.
Binance circles back to USDC
Last year, the largest exchange by volume announced that it would automatically convert a group of stablecoins held by users to BUSD. At the time users were stuck at crossroads with some backing the move while others said it was to limit the USDC and increase BUSD transactions.
“All spot stablecoin-to-stablecoin pairings featuring the tokens will be removed from Binance on Sep. 26, with all other spot pairings including the tokens scheduled for delisting on Sep. 29.”
However, this year has seen much stablecoin scrutiny hovering around legislation leading to the company taking a new approach to dealing with the assets.
Wider stablecoin regulations
In September, Marina Parthuisot, the company’s French legal director hinted that there are plans to delist all stablecoins citing regulatory reasons. Although the Markets in Crypto Assets (MiCA) regulation has been lauded in several quarters it has not approved any stablecoin and is billed to come into effect on June 30, 2024.
Last week, Circle announced a conditional registration with French regulators adding that the firm hopes to get the full regulatory nod when it obtains a Digital Asset Service Provider License (DASP).
This could be a reason for listing USDC trading pairs along with a previous decision to delist BUSD pairs from its markets.
The gradual cessation of support comes after Paxos was ordered to stop minting the asset. Citing market factors and regulatory conditions, the exchange will not list new trading pairs from February 2024.
Other commentators opine market competition with the asset is a reason behind the company pulling support for the stablecoin. In the meantime, users across social media spaces have reacted positively to the new USDC listings.
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