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BUSD By Binance Launched: Meet The New USD-Backed Stablecoin

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BUSD By Binance

BUSD by Binance, the new USD-pegged stablecoin was officially launched after the new partnership between the largest crypto exchange and Paxos which is now a regulated financial institution that helps to digitize the assets. In today’s coming altcoin news we take a closer look at the partnership and the new stabelcoin.

Both companies will launch a USD-pegged stablecoin and the BUSD by Binance has already received the approval of the New York State Department of Financial Services so this means it will also be available for trading later this month. The announcement comes only days before the expected launch of Binance US which is a subsidiary focused on serving the US traders. According to a press release, Paxos claims that it is in a good position to mobilize and custody the assets digitally as the first regulated trust company with blockchain expertise. The company will also serve as the USD issuer and custodian of Binance USD. Binance will also be available to be purchased on the Paxos platform later this month and once it is integrated on Binance, the users will be able to trade against BTC, XRP, and BNB. The CEO of Binance CZ noted:

‘’Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin.’’

The Paxos co-founder and CEO Rich Teo pointed out:

‘’NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users.’’

The news comes as an earlier announcement that Binance will launch a subsidiary called Binance US meant for the traders in the United States. In the second half of 2019, the exchange should expect some more developments since in July Binance opened the doors for margin trading services allowing users to place the leveraged orders. The largest cryptocurrency also revealed the plans to create Venus which is a ‘’regional version’’ of Facebook’s Libra in order to establish financial hegemony. As per the reports in the best cryptocurrency news sites, Binance launched a platform that allows the traders to lend their BNB, ETC, and USDT and to also receive a certain annualized interest rate.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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USD Coin News

Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle

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crypto startup circle
Circle-the crypto finance company released the third official verification of the USDC stabelcoin dollar reserves according to the official statement making its way into our blockchain news today. By reading the report carefully, you can notice that as of December 31, 2018, at exactly 11:59, 251,211,149 USDC tokens were issued. The company has about $251,211,210 in their custody accounts and plus $61 surplus in dollar reserves. Circle issued a statement:
 “As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”
USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:
 “It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”
Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018. Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.
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USD Coin News

Stablecoin Purchases Surge Amid Wednesday’s Crypto Market Drop, USD-C Leads The Way

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financial institutions start
The purchases of stablecoins are probably one of the most positive things in the digital currency news. Our analysis today shows that they have recorded an increase during the market crackdown. As we saw the crypto market taking a beating and Bitcoin going even below $5,500, it seems like there were assets which also benefited from the buyers. Certain stablecoins like USD-C, TUSD and DAI each witnessed increases of more than 200% in their 24 hour trading volume (even despite the market sell-off) as traders flocked to what they may have perceived to be safer alternatives in an attempt to escape market volatility. This surge is not much surprising given the fact that the main use of stablecoins is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile, 'stable' alternatives. Tether (USDT), has ruled the roost during this increase. However, the market is now full of stablecoins aside from the pioneer (Tether) and now also includes competitors like USD-C, PAX and GUSD to name a few. As data shows, Tether's USD stablecoin is actually second on the list of growth during its 24-hour trading volume. The stablecoin that leads is USD Coin (USD-C) which is the regulated stablecoin backed by blockchain startups Circle and Coinbase, which witnessed the most notable uptick amid the market rout. The volume of USD-C surged nearly 400% in 24 hours, from just over $5 million on November 14th to more than $25 million by the next day, representing its highest level of volume in the 24-hour window. As recent data shows, USD-C is still the 'king' when it comes to daily trading volume. However, Tether (USDT) is still holding its ground on that front with its presence on 400 cryptocurrency markets.
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USD Coin News

Circle’s USDC Stablecoin Officially Launches On The Coinbase Platform

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Circle
The major cryptocurrency exchange Coinbase recently launched the USD Coin stablecoin (USDC) issued by Circle, making it the first stablecoin for trade on the Coinbase platform - and making new headlines on our DC Forecasts crypto news site. The launch was announced at the Money 20/20 conference that was held yesterday, where USDC was described as a stablecoin with solid underlying technology - developed collaboratively between Coinbase and the blockchain-powered payments technology company Circle. According to Coinbase, the USDC will help customers in supported jurisdictions to purchase, sell, send and receive USDC at the exchange and its iOS and Android apps. As they noted in the statement, the US-based customers outside of the state of New York are able to buy and sell, while customers from the rest of the world can send and receive the coin. As Coinbase announced:
“We are issuing stablecoins backed 1:1 with the U.S. dollar, completely audited, completely transparent. We think this is a key step toward unlocking innovation in crypto.”
For those who don't know the concept of a stablecoin, it is basically a digital currency that is tied to another stable currency like the US dollar - primarily designed to minimize price volatility. Its value is based on the value of the backing fiat currency which is held by a third party which is a regulated financial entity.
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USD Coin News

Circle Officially Launched A USD-Pegged Cryptocurrency Named USD Coin (USDC)

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Circle
A new USD-pegged cryptocurrency known as a 'stablecoin' is in the latest cryptocurrency news, this time issued by the $3 billion Bitcoin startup Circle that is backed by the investment banking giant Goldman Sachs. The stablecoin will basically represent another altcoin whose value is pegged to the U.S. dollar and backed by physical currency stored in company-owned bank accounts. Named USD Coin (USDC), the coin will allow individuals and institutions to tokenize physical currency for use in overseas trading as well as other cross-border transactions in need of rapid settlement. The co-founders of Circle, Jeremy Allaire and Sean Neville, expressed their excitement about the new announcement, stating:
“When we founded Circle five years ago, we and many in the crypto community envisioned fiat money and financial contracts executing on top of distributed public network infrastructure, building on open standards that would allow us all to share value as instantly and easily as we can access content in web browsers and exchange messages in email and messaging apps. Just as HTTPS, SMTP and SIP enabled free borderless information sharing and communications, crypto assets and blockchain technology will enable us to exchange value and transact with one another in a similar way: instantly, globally, securely and at low cost.”
However, this is not the first time the market is hearing about Circle's stablecoin. USDC was previewed back in May this year, in tandem with the announcement that the company (Circle) achieved a $3 billion valuation following the Series E funding led by the Bitcoin mining giant Bitmain. Unlike most of the other USD-backed stablecoins, Circle will not be the only issuer of USD Coin. Instead, the token will have multiple users in the future - as more organizations join CENTRE, which is an open-source consortium launched to develop a decentralized network of fiat stablecoins.  
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