Last week, the Coinbase bat and 0X bat listing took place. Both resulted in “pump dump” operations after a few hours of announcements as predicted. This is not a surprise development. However, the fact that one of the two new crypto currencies listed is only able to trade on the USDC is a surprising development.
Can stable coins disrupt Bitcoin’s dominance?
USD Coin (USDC) is known as an ERC20 stable coin, which is a dollar-fixed currency issued by Circle and coin. It has been designed to rival Tether, who has been the focus of the discussions recently and who has been constantly on the agenda with the new discussions.
The introductory text on the Website is as follows::
Central stable coins are issued by regulated and licensed financial institutions with full reserves of the equivalent fiat money. Issuers must report their USD reserve balances on a regular basis and this information can be submitted to Relevant Persons and institutions as soon as you request it.
According to USDC, Coinmarketcap currently represents 2.6 million dollars, while the market value is 134 million dollars. That’s why it’s quite a long way to get to the USDT. Coinbase Pro now uses USDC to make it easier for U.S. customers to trade on the stock market.
Coinbase made BAT token only with USDC stable coin pair
Those in regular Coinbase in Europe and the UK will have Euro and GBP respectively. At this point, the most recent Listed krypto currency has only parity in the USDC and not a pair of fiat, such as Bitcoin or traditional.
At the end of the weekend, Coinbase exposed the BAT token to “pump”by approximately 23 percent following the announcement of the listing on Coinbase Pro. However, only anti-USDC can be processed on the platform. This can be a sign of the situation when Coinbase contains more crypto money.
According to the company’s blog shares, crypto monies Stellar, Cardano and Zcash are likely to be added to the platform.
Bitcoin has traditionally been the preferred tool for altcoin trading when Fiat is not trading. Some people think that if the trend continues this way, Coin will try to disrupt the position of being a reserve asset for Bitco’s crypto domain.
Will the next Coinbase listings be with USDC stable coini?
The battle for stability of the coins seems to have increased gears last month. So much so that we’ve met a new one almost once a week. All of this Fiat fixed crypto money is slowly undermining Bitcoin’s position as a currency reserve for trading and holding. But on the other hand, this is perhaps the target that other exchanges, such as Coinbase and Gemini, have put in themselves. He is currently at BTC in Binance, which owns 65 percent of the total trade in the West. So there is no significant change yet.
However, if future pairs listed on Coinbase and other exchanges are only available at USDC, GUSD or with stable coin on the relevant stock market offer, this may be the case. To see if this trend continues we’ll have to wait until further notice. The listing announcement that is likely to arrive in the near future will further clarify this situation.