Binance to Accept Circle’s Stablecoin USYC as Collateral for Institutional Clients

Mars Finance News, on July 24, according to Fortune, Circle announced that Binance will begin accepting USYC (a stablecoin that shares revenue with investors) as collateral for institutional clients. While many institutional traders using platforms like Binance use Bitcoin or other crypto assets as collateral, some traditional institutions remain hesitant. Catherine Chen, Head of Binance VIP and Institutional Business, stated that the FTX's dismal collapse has made many wary of providing collateral on exchanges. Binance is attempting to address this issue through a service called "Banking Triparty". This service involves Binance collaborating with traditional banks to act as custodians and use bank-held assets as collateral for cryptocurrency trading. She added that many partners are working with Binance to integrate USYC, which will provide faster settlement speeds. Binance also announced the integration of another yield-generating stablecoin, cUSDO. cUSDO is an abbreviation for OpenEden OpenDollar, issued by OpenEden Digital, an entity licensed and regulated in Bermuda.