Leading crypto exchange Binance has announced that it will now accept USYC. As reported, the exchange will now use the token, one of the biggest stablecoins from Circle as collateral for institutional clients.
This move is expected to make trading smoother for traditional investors and strengthen the connection between cryptocurrency and traditional finance.
Binance and Circle Team Up on New Collateral Option
Binance said on Thursday that it would begin accepting USYC as collateral from its institutional clients.
It is worth noting that USYC is a stablecoin issued by Circle that gives holders a share of the yield it earns.
The decision marks another step in the growing connection between crypto exchanges and traditional finance.
Circle became the issuer of USYC earlier this year after acquiring the coin through a larger deal.
Unlike most stablecoins, such as USDC or Tether, USYC is backed by a money market fund.
This means it is tied to interest-earning assets and passes s
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