Binance has delisted multiple trading pairs with Coinbase’s USDC. The given reason was “low liquidity,” but there’s speculation that it is due to competition with Binance’s U.S. branch.
All USDC trading pairs will be removed from Binance starting tomorrow, according to a new announcement made by the exchange. The move effectively weakens the world’s second-largest stablecoin, USD Coin (USDC), on Binance.
In total, five trading pairs will be delisted: ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, and USDS/USDC. Other trading pairs with USDC will continue, for now. It’s unclear whether other delistings will follow at the moment.
Any Unforeseen Issue, CZ?
However, replies to Binance CEO Changpeng Zhao have been mixed. Many were quick to point out that many altcoins on the exchange have abysmal trading volume, but are still live on the platform.
If Binance did, in fact, delist the USDC trading pairs due to low liquidity, it has many other altcoin trading pairs to remove then. The exchange is full of dead markets which have anemic trading volume.
Earlier today, Ripple (XRP) was added to Binance’s futures trading platform. As previously reported, there was significant insider trading, which led to a drastic increase before the announcement even happened. Ripple is now the fourth cryptocurrency to be supported on the exchange’s futures market.
USD Coin (USDC) is a type of cryptocurrency that is referred to as a stablecoin. You can always redeem 1 USD Coin for US$1.00, giving it a stable price. On Coinbase, eligible customers can earn rewards for every USD Coin they hold.
Each USDC is backed by one US dollar, which is held in a bank account. USD Coin is an Ethereum token, so you can store it in an Ethereum-compatible wallet, like Coinbase Wallet. USD Coin is designed to let dollars move globally from your crypto wallet to other exchanges, businesses, and people.
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam. Blockchain.info co-founder Ben Reeves was part of the original founding team but later parted ways with Armstrong due to a difference in how the Coinbase wallet should operate.
The remaining founding team enrolled in the Summer 2012 Y Combinator startup incubator program. In October 2012, the company launched the services to buy and sell bitcoin through bank transfers. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures.