Altcoins
Reading time: ~2 m
The world’s largest crypto exchange Binance has announced that it is going to expand support for stablecoins together with Tether, Circle and other unnamed companies.
“In order to improve user security, Binance has reached out to other market players, including Tether and Circle, to expand support for native versions of stablecoins on our platform,” the official announcement reads.
Tether, the issuer of USDT, the first stablecoin by capitalization, recently released its first quarter 2023 results, which showed a net income of $1.48 billion. Tether CTO Paolo Ardoino said that the company has about $1.6 billion. excess reserves to support its stablecoin.
Circle, the issuer of the USDC stablecoin, recently said it was going to reduce the percentage of US dollars in the backing of the token, as the country could default due to rising public debt.
Pakning Luk, Head of Regional Business Development at Binance, recently said that the exchange’s payments arm has attracted close to 120 million users. She stated that Binance could compete with PayPal.
#Binance #Announces #Expanded #Support #Tether #Circle #Stablecoins
