The Singaporean cryptocurrency exchange Kucoin, which conducts daily transactions of ten million dollars, has decided to add support for the USDС token, around which scandals have not subsided.
Cryptocurrency developer Circle has the support of such giants as Goldman Sachs and Bitmain. Many experts believe that this collaboration will serve as a bridge between institutional money and the cryptocurrency market.
Some investors have already begun to lose interest in Tether, so the timing is good for promoting USDC. At the moment, many experts question the fact that Tether has sufficient fiat reserve to back the cryptocurrency. But according to Circle, the USDC token now has much more credibility in the cryptocurrency market, in addition, it provides a new level of transparency.
The fact that USDC is pegged to the US dollar was announced in May of this year. There are other stable coins developed by Paxos Trust Company and Gemini Trust Company on the market. Both cryptocurrencies recently received regulatory approval in New York.
Kucoin is not the only exchange that has started supporting USDC. This cryptocurrency was added to their lists by the Hong Kong exchanger Okex, as well as Poloniex, which is not surprising, since the company Circle acquired this exchange in February of this year.
According to cryptocoinspy.com
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