Cryptocurrency exchange Bitrue launches USDC as fifth base pair, moves away from USDT

Cryptocurrency exchange Bitrue has decided to support USDC (USDC/USD) instead of USDT (USDT/USD), launching USD Coin as their fifth base pair, Invezz learned from a press release. The decision is motivated by strong interest in USDC in the DeFi space, safety issues, and community requests.

Bitrue planning gradual shift away from USDT  

This move is the first in Bitrue’s strategy to gradually shift away from Tether due to high demand from its community to support alternative stablecoins. Adam O’Neill, Chief Marketing Officer of Bitrue, said:

“We are very happy to be expanding the trading options available for our users, especially for something that a core set of our users believe very strongly in. The world of DeFi, which continues to expand every month, is increasingly focused on USDC, and we are working to support that sub-industry as much as possible.”

Bitrue has supported USDC for some time. Credit card purchases, investments, and trading have been available to users for a few years. Traders and investors can both deposit and withdraw USD Coin on the Solana (SOL/USD) and Ethereum (ETH/USD) ERC20 networks.

USD Coin has real fiat backing

USD Coin, a mutual project by Circle and Coinbase, is a very stable currency. All coins in circulation have an equivalent US dollar held in a custodian account. Fund availability is proven with monthly audits. This makes the stablecoin far safer and more secure to use compared to analogical products. Adam O’Neill added:

“For the cryptocurrency industry to move forwards in a sustainable and healthy manner, it’s important that it’s built on a solid foundation. As United States dollars has become the de facto fiat currency for measuring portfolio values, we felt that it’s important that we throw our support behind a related stablecoin that we can trust. USDC fits the bill perfectly.”

Bitrue adding more pairs every week

The exchange will be adding further USDC pairs every week. Bitrue has offices worldwide and is a diversified cryptocurrency exchange with support for investments, loans, and trading catering to a vast number of users from all walks of life.  

The post Cryptocurrency exchange Bitrue launches USDC as fifth base pair, moves away from USDT appeared first on Invezz.

Publication date: 
09/10/2021 - 13:04
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.