Binance one of the world’s top cryptocurrency exchanges has announced that they are going to open trading for USDC/BTC and USDC/BNB trading pairs at 17th of November 2018 on 3:00 AM GMT.
But, What is USDC?
USDC (USD Coin) is a smart contract-based stablecoin fully collateralized US Dollar stablecoin based on the open source fiat stablecoin framework developed by Centre, a consortium founded by Circle and Coinbase.
Every unit of USDC is only ever issued after a corresponding US Dollar is deposited in reserve bank accounts.
USDC tokens are ERC-20 compatible and can be used with any ERC-20 compatible digital wallet or service.
Reserve funds are held with multiple US-based banks. USDC is built on openness and accountability.
Enshrined in the governance and technology standards effort of Centre (their white paper published in May 2018 is available Here).
Total Supply of USDC is 142,689,630 USDC
Customers can tokenize dollars into USDC and redeem USDC into dollars through both Circle and Coinbase, making USDC the first open, fungible and interoperable fiat stablecoin.
In September 2018 Circle announced their future vision:
“We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet.
The future of the global economy is open, shared, inclusive, far more evenly distributed, and powerful not only for a few chosen gatekeepers, but for all who will connect.
This vision relies upon an open standards model for fiat money on the internet, which is emerging now with broad industry support behind USDC. The potential is immense, and we are excited to be part of this next step”.