We are excited to announce that USDC/USD and USDC/USDT pairs are live on XREX.
XREX has listed USDT since the day we launched our fiat-crypto exchange. USDT is the world’s first stablecoin launched in 2014. Today, it still dominates the stablecoin market with around 80 billion USD market capitalization. USDT is commonly used in cross-border payments and international transfers, especially in India and other emerging markets we serve.
Today, we are excited to announce that we now support USDC! USDC/USD and USDC/USDT pairs are live on XREX.
What is USDC?
USDC was launched in 2018 and it is now the world’s second-largest stablecoin with over 50 billion USD market capitalization.
USDC has a variety of uses in the crypto marketplace, but is commonly deployed in decentralized finance (DeFi) protocols, transactions between major financial institutions, and holding assets by crypto traders.
To fulfill various business and personal purposes, XREX users leverage different stablecoins on multiple platforms. Adding USDC helps our users to save time, fees, and effort to receive, send, and convert between stablecoins.
Global businesses can use USDC for near-instant payouts to vendors and suppliers, and direct deposit payroll for employees. Remittance companies, eCommerce marketplaces, video game studios, DAOs, and others use USDC to enable faster, more efficient payments.
Further, users can connect their international bank accounts. Convert stablecoins to USD and withdraw USD to bank accounts directly. All can be done on the XREX app at your fingertips.
Learn how and why XREX lists a coin or token
The fall of the third-largest stablecoin UST (TerraUSD) triggered turbulence in the stablecoin market and the ripple effect continues to be felt. Fortunately, XREX did not list UST or LUNA, the native token of the UST issuer Terra. The UST depeg crisis also posed a challenge to other stablecoins and both USDT and USDC have proved that they are tried and tested.
Currently, the XREX platform only supports 13 currencies, including:
- Fiat currency: US dollar (USD) and Indian Rupee (INR)
- Stablecoin: USDT and USDC two stablecoins
- Coins and tokens: Bitcoin (BTC), Ethereum (ETH), USDT, XRP, BCH, Solana (SOL), Polkadot (DOT), Maker (MKR), and Chainlink (LINK)
Compared to other crypto exchanges with thousands of coins and tokens, options on XREX are limited. However, as a responsible and regulated fiat-crypto exchange, XREX carefully examines coins and tokens before listing them.
It might sound conservative and slow, but we care about our users’ digital assets and the risk they are exposed to. Before listing a coin or token, the XREX team analyses the issuer, the application, the utility, the reserves, the potential, the stability, the risk, etc, to ensure that our users are not trading or using coins that have no utility or inherent value.
No one can say the risk is zero. But we do our best to limit it and minimize it.
We are delighted to support USDC today.
The XREX team