Singaporean crypto exchange KuCoin announced today, Nov 6 that it will remove USDC/BTC and USDC/ETH trading pairs from their market. The reason is to “streamline things” as revealed in the update.
The removal is expected to take place on November 7, 2018, at 18:00 (UTC+8) while KuCoin also pointed out that users can still trade BTC or ETH in the USDC market normally.
Traders are assured that no tokens will be lost in the process removing USDC/BTC and USDC/ETH on KuCoin.
USDC Vs USDT Performance
USDC was launched by Circle in September and was subsequently backed by most of the top crypto exchanges in the industry. The stablecoin is being touted as a replacement for struggling Tether (USDT) and has not been faring badly since it came on the scene.
At press time, USDC market cap was $134 million, making it the 54th largest cryptocurrency by market cap. Unlike USDT whose value has been below $1 when it is supposed to be equivalent to the fiat currency, the USDC price at press time was $1. Kucoin’s removal of the trading pairs is not expected to affect the value of USDC.