The second half of 2018 has been all about Stablecoins as there have been successful in grabbing eyeballs of everyone in the crypto world be it businesses, exchanges, traders or investors. Trying to meet this growing demand, the United States-based digital asset platform, Poloniex announced several new trading pairs for USD Coin on their platform.
Poloniex adds 6 new pairs of Stablecoin USDC
The official announcement of this new USDC pair additions was released on the exchanges official twitter account which said that it would be adding XRP/USDC, XMR/USDC, STR/USDC, DOGE/USDC, LTC/USDC, and ZEC/USDC.
NEWS: Poloniex today is introducing the following markets for #USDC: XRP/USDC, XMR/USDC, STR/USDC, DOGE/USDC, LTC/USDC, and ZEC/USDC. Start trading here: https://t.co/Mu10TZi6Wi
— Poloniex Exchange (@Poloniex) November 16, 2018
The stable coin USDC can now be traded against XRP, Monero [XMR], Staker [STR], Dogecoin [DOGE], Litecoin [LTC] and Zcash [ZEC]. Along with this announcement, the firm mentioned that trading of above-mentioned pairs will have no trading charges until 30th November.
Following the tweet, a user replied requesting the exchange to add USDC pairs with UDC (Universal Digital Coin) and DGB (DigiByte Coin).
Ot would be great for you to add UDC/ DGB as well
— Kenan Abdul Hadi (@kenan_hadi) November 16, 2018
To which the exchange replied, that it would be getting its product team to review this request.
Thanks for the feedback. We will pass this along to our product team for review and update customers on any changes or new features.
— Poloniex Exchange (@Poloniex) November 16, 2018
Could be the exchange may consider adding the two pairs in its next update.
On 27th September 2018, Poloniex introduced USDC trading for the first time. The token was made available to trade against Bitcoin [BTC], Ethereum [ETH] and Tether [USDT].
Two days ago, Binance also announced that the trading of USDC against Bitcoin [BTC] and Binance Coin [BNB] will begin from 17th November at 3:00 AM UTC. This news sent out euphoria among the community as now they had a stablecoin which could be transferred from Coinbase Pro to Binance. One of the tweets that exactly said that.
FINALLY a “stable” currency to send back and forth between Coinbase Pro and Binance. Thank you!!!
I’ll never forget the days of sending Litecoin from Binance to Coinbase, and having to wait 4 days! I didn’t sleep… Haha. But it all worked out. 💸@MEgelkraut @SatoshiLite
— Matthew D Egelkraut (@MattEgelkraut) November 15, 2018
USDC also received support from the famous exchange platforms Coinbase and Coinbase Pro in the month of October.
Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive the USDC stablecoin. The advantage of a blockchain-based digital dollar is that it’s easier to send, use in decentralized apps, and store locally. Get started: https://t.co/O6tgs8tMxz pic.twitter.com/NN2NLY4gwE
— Coinbase (@coinbase) October 23, 2018
USD Coin is the first stablecoin developed by the open source project and membership consortium, CENTRE, along with the blockchain firm Circle. USDC is built based on ERC-20 standards which provide financial transparency and operates within the regulated framework of US money transmission laws.
Will Poloniex new addition get more liquidity to the USDC? DO let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
