Robinhood now supports USD coin (USDC) stablecoin. About this company informed on twitter.
— Robinhood (@RobinhoodApp) September 20, 2022
Users can now buy USDC on both the Ethereum blockchain and the Polygon sidechain. USDC became the first stablecoin listed by an American fintech broker. However, it is not clear if users will be able to withdraw it like other cryptocurrencies.
Earlier it became known that Binance, as well as the Indian crypto exchange WazirX controlled by it, excluded USDC from the listing.
Recall, earlier it became known that Binance will automatically convert USDC, USDP, TUSD stablecoins to BUSD on September 29th. Converting stablecoins to BUSD, according to Binance representatives, will help increase liquidity and capital efficiency for users. The conversion will affect all existing and new deposits in USDC, USDP and TUSD. The system will exchange in a ratio of 1:1.
Circle CEO Jeremy Aller said that Binance’s decision to convert the stablecoin is good for USDC. The head of Circle also referred to the head of Wintermute Evgeny Gaevoy, who pointed out the advantages of the conversion. By words Gaevoy, the reduction of trading pairs with different stablecoins is good for the market, since in this case the liquidity gap is reduced.
1) Removing most stablecoin pairs is a good thing — liquidity doesn’t have to be split between multiple stablecoins, making market makers’ job easier and markets overall more liquid
— wishful cynic (@EvgenyGaevoy) September 5, 2022
However, Cirlce seems to have been ambivalent about Binance’s decision. For example, a USDC issuer representative stated in comments Media that the decision of the crypto exchange to remove the stablecoin from the listing “really raises questions about the behavior [биржи] on the market”. They also noted that there are indications that Binance has already converted the majority of USDC to BUSD. The exchange denied the statement of Circle representatives and said that they had not carried out any conversion before the announcement.
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