Kucoin, a Singapore-based cryptocurrency exchange with tens of millions of dollars in daily volume, has decided to list the USDC token. The USD coin was launched by cryptocurrency startup Circle, a company that has the distinction of being backed by both Goldman Sachs and bitcoin mining giant Bitmain, that many believe will help to serve as the bridge between institutional money and the cryptocurrency markets.
The timing is great for USDC, as it appears that many are losing faith in Tether and investing elsewhere. USDT had accounted for the vast majority of stablecoin volume, although the USDC coin hopes to change that. There also seems to be questions as to whether Tether is truly backed by enough fiat reserves at all, as well. USDC Coin has appeared to build trust in the cryptocurrency community, and claims to be a stablecoin with a new level of transparency and accountability.
The USDC is pegged against the dollar and was announced back in May of this year. There have been other stablecoins that have entered the space, as well, such as Paxos Trust Company’s and Gemini Trust Company’s stablecoins, both of which was recently approved by New York regulators.
Kucoin has also added other stablecoins, as well, and time will tell whether this will prove to be a smart move for the liquidity of the exchange, and help Kucoin gain market share. This is not the only new exchange that USDC has been listed on. USDC was first listed on Poloniex, which was not surprising, considering that Circle acquired that exchange earlier this year. Hong Kong-based exchange Okex also recently added four stablecoins, which many suspect is in response to the rumors that the bank that backs Tether is insolvent, as well. USDC was also recently added to Bitpay, the global blockchain payment processor.