Kraken Lists USDC After Being Dropped By Binance

In the day of Binance dropping certain pairs for USD Coin (USDC), the ”world’s fastest-growing coin”, due to ”low liquidity” Kraken has listed it.

Accoridng to Kraken’s blog post, deposits and trading of USDC have begun on January 8. The trading pairs are Bitcoin, Ether and Tether, as well as the U.S dollar and euro.

The exhange also added that more than 100 countries and 60 exchanges supported USDC. “In December, USDC became the second stablecoin to ever have its market cap cross $500 million,” the blog post reads. “The market cap has since fallen below $500 million, which is a function of market dynamics.”

On January 7 Binance announced that such pairs as ALGO/USDC, FTM/USDC, ONT/USDC, XLM/USDC, USDS/USDC will be delisted. In a Twitter post Binance CEO Changpeng Zhao revealed reasons for doing so: “Nothing personal, just low liquidity. No one’s trading it.”

In September Binance launched its own dollar-supported stablecoin BUSD, however, with its $25 million market capitalization is far behind USDC ($500 million). The most popular stablecoin is Tether with over $4.6 billion of market capitalization.

USDC was introduced in October 2018 by Circle and Coinbase. It is available in 86 countries worldwide, and Grant Thornton, an accounting firm, audits its deposits every month. In Bermuda, where Circle’s heasquarters are located, the coin is accepted as a valid form of tax and public services payments.

Last April Kraken excluded Bitcoin SV from its list, following Binance. The project was “completely antithetical to what this community is about,” the company stated.