Binance proclaimed Friday that it would be adding a few new USD Coin pairs and moving its two existing USDC pairs into the combined stablecoin deal in called USDⓈ. Both ripple (XRP) and stellar (XLM) will have USD Coin pairs, in addition to their existing stablecoin marries. The move involves the cancelling of any trades that exist in the current two USDC markets: BTC/USDC and USDC/BNB at the time of the step on it, essentially wiping the slate and creating fresh markets for the stablecoin.
The pairs being created with USDC are: BNB, BTC, ETH, XRP, EOS, XLM, and USDT. All of these longing now be accessed through the USDⓈ asset market tab. They will no longer be in the regular coin exchange of Binance. It has BTC and ether as its coach base trading tokens.
Binance was clear on their warning about existing trades in tangential markets:
“Humour note: The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each categorize book will also be canceled at this time.”
The new markets were already showing in the advanced exchange as of Friday but were not operational.
Principal (XLM) and Ripple (XRP) Both Get New Liquidity
XRP and XLM, ripple and stellar, the feuding cousins of the regulated international money movement game, were both already canted against PAX, USDT, and TrueUSD. Now they will have an additional fiat trading pair in USDC. That they are being regaled equally is an interesting move on the part of Binance, whereas their overall market indicators are far from equal.
XRP was merchandise at 29 cents at the time of writing with a 24-hour volume of over $300 million. Stellar lumens were at encircling 10 cents. Their 24-hour volume was approximately one-fifth of ripple’s, at just over $67 million.
The protracted history between the two tokens makes for an interesting dive for anyone interested in cryptocurrency. They’ve been embroiled in lawsuits and the as if, but their communities have a lot of crossover. They started with essentially the same technology, but the Stellar project philosophically files to see itself as a peer-to-peer payment protocol. Blockchain startup Ripple, with whom XRP is closely associated, prefers to core on bank-to-bank and institutional money movements across borders, easing frictions created in the old world financial system. Such bickers were created using clearinghouses and intermediary banks. They go away when cryptocurrency and blockchains enter the portray.
Both are, of course, a long way from their all-time highs. However, their current prices are much profuse realistic than many altcoins in that they draw from multiple fiat markets, including the now four they on each have on Binance, the world’s most active exchange.
Images from Shutterstock
Last modified: June 11, 2020 7:43 PM UTC