Bitrue, a market leader in digital asset exchange, is expanding its base trading pair list to include USDC, making it the platform’s fifth addition to date. As a result of the new update, traders will now be able to trade six additional crypto tokens against USDC, bringing the total number of trading pairs to eight.
The new pairs, which include ADA, BTC, BNB, ETH, LTC, and LINK, will be joining XRP and USDT, which were the two existing pairs.
Bitrue’s latest move further reaffirms its commitment to diversify away from Tether’s USDT, and at the same time, fulfills the community’s long-standing request for the exchange to offer other alternative stable coins.
“We're pleased to expand our customers' trading options, especially for something that a significant percentage of our users strongly believes in. The DeFi space continues to wax stronger with each passing day, and with an increased focus on USDC, it is only logical that we strive to support the sub-industry in whatever way possible,”
said Adam O’Neill, Chief Marketing Officer of Bitrue.
While USDC is not entirely new on Bitrue, as support for the digital asset has been available since April 2019, members have been using it for trading investments and credit card transactions. To date, users can deposit and withdraw the cryptocurrency, making use of Ethereum’s ERC20, alongside the Solana blockchain network.
USDC is a collaborative effort between Circle and Coinbase and is unique in that it is backed by real US dollars. Notably, each unit of USDC in circulation is backed up by an equivalent US dollar held in a bank account. Also, to ensure transparency in the exchange process and to establish trust among members, a monthly audit is carried out to verify fund availability.
"For the cryptocurrency industry to remain progressive, it's important that it’s built on a solid foundation. More so, as the United States Dollar has become the de facto fiat currency for measuring portfolio values, we felt the need to throw our support behind a related stablecoin that we can trust. And without any form of doubt, USDC fits the bill perfectly,"
continued Mr. O’Neill.
The latest additions to the exchange are indeed a bold step in the right direction, but they are only the beginning for Bitrue, which plans to introduce additional trading pairs weekly.