Following the launch of the USDT market, we’re continuing to expand the list of supported stablecoins on CEX.IO. In response to requests from our customers and as a Christmas present, we will enable USDC trading this month.
Naturally, USDC will come in handy for traders who practice arbitrage and want to have extra mobility in transferring funds between exchanges. Just like with Tether, the listing of USDC will bring extra opportunities for trading through the addition of a market with multiple currency pairs.
USDC is an ERC-20 token and a stablecoin, meaning 1 USDC is pegged to 1 US dollar. Being a cryptocurrency, USDC doesn’t require holders to have a bank account or to reside in a certain country. At the same time, it allows people to transfer the value of USD worldwide fast and at a low cost. This coin claims to combine the flexibility of crypto and the stability of the US dollar.
USD Coin was created by the CENTRE Consortium, a company founded by the Circle and Coinbase companies. CENTRE mints USDC and reports to collectively hold $1 for each USDC. Also, the US dollar reserves for USDC are certified by Grant Thornton LLC, which regularly publishes attestations to maintain operational and financial transparency for USDC.
USDC vs USDT
Even though USDC and USDT both claim a value equal to $1*, these are two separate stablecoins that have a few significant differences:
- USDC is backed by CENTRE’s reserves, while USDT is backed by Tether’s reserves.
- Tether is currently available using the Bitcoin, Ethereum, and TRON protocols.** USDC is only issued in an Ethereum-based format.
- USDC can be used by US residents, while USDT issuance and redemption services are unavailable for individuals and institutional customers from the US.
Crypto holders can use either USDC or USDT — or both — to benefit from reduced volatility, low fees, and fast transactions compared to fiat currency. By listing USDC along with USDT, we’re glad to provide more trading opportunities and the ability to choose the stablecoin you want to work with.
* CEX.IO doesn’t guarantee that the value of USDC is equal to the value of USD. Please study this stablecoin on your own before making any investment or trading decisions.
Save the date!
On 18 December, we will enable USDC deposits and USDC/USD trading. Also, we will add more USDC markets later on.
If USDC interests you, we encourage you to mark your calendars and prepare for the new market beforehand.
Stay tuned for news and updates!
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Note: Please be informed that USDC is currently available to all non-US residents only.