CryptocurrencyDecentralized Finance (DeFi)Stablecoin

Bitrue Moves Away From USDT as it Launches USDC

Bitrue, the crypto exchange, has made the decision to support USDC rather than USDT. They have launched the USD Coin as the fifth pair. This decision comes after developing an interest in USDC in as part of the DeFi space, community requests, and safety issues.

This decision is the first part of Bitrue’s plan to eventually move away from Tether. This was because of extensive demand from the community to back other stablecoins. Adam O’Neill, the chief marketing officer at Bitrue, said that they’re excited to be expanding trading options for users.

This is especially because it’s something their users strongly believe in. He reiterated that as the DeFi world continues to expand each month, it’s increasingly focusing on USDC. Consequently, they’re working to support the sub-industry.

Bitrue has been supporting USDC for a while now. Users have been able to benefit from trading, investments, and credit card purchases for quite a few years. Now, investors and traders can withdraw and deposit USD Coin on ETehreum ERC20 and Solana networks.

What makes matters more interesting is that USD Coin has real fiat backing. It’s a project that Coinbase and Circle mutually collaborated on, and it’s a very stable currency. As of yet, all of the coins currently in circulation have a US Dollar equivalent. These dollars are held in a custodian account and monthly audits prove the availability of funds. Consequently, the stablecoin is more secure and safer to use than its other analogical products.

Adam O’Neill added that if the crypto industry wants to move forward in a healthy and sustainable way, big changes are necessary. It’s crucial that it’s based on a strong foundation. The US dollar has become the to-go fiat currency to measure the value of investment portfolios. Considering this, it’s important that the exchange backs up a related stablecoin that the community can trust. In this scenario, the USDC is an optimal choice.

For context, Bitrue is a forward-thinking crypto exchange platform. It aims to provide trustworthy asset management services that crypto investors can rely on. To summarize, the first step of their strategy is to gradually move away from Tether, which is a type of cryptpcurrency. Its tokens are issued by Tether Limited, a firm owned by Bitfinex.

This is a step in the right direction considering Tether’s controversial reputation. The company allegedly played a role in manipulating Bitcoin’s prices. Not to mention, the company failed to give a proper audit showing proper reserves that back up the Tether token.

Considering all this, it’s high time that Bitrue moves to another token that users can rely on in the long term. In contrast, all of the USD coins in circulation have an equivalent of the US Dollar in a custodian account.

By Piotr Swat – shutterstock.com

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