Binance will integrate USYC and cUSDO stablecoins as collateral for institutional clients

According to Foresight News, Circle announced that Binance will begin accepting USYC, a stablecoin that shares earnings with investors, as collateral for institutional clients, according to Foresight magazine. Catherine Chen, head of Binance VIP and institutional business, said that while many institutional traders using platforms such as Binance will use Bitcoin or other crypto assets as collateral, some traditional institutions are still reluctant to do so. Part of this is that FTX’s dismal collapse has left many people skeptical about providing collateral on exchanges. Binance is trying to solve the problem with a service called Banking Tripartite. The service involves Binance working with traditional banks to act as custodians and to use the assets held by the bank as collateral for cryptocurrency transactions. She added that many partners are working with Binance to integrate USYC, which will provide faster settlement speeds. USYC will also be released natively on the BNB chain.

Binance also announced that it will integrate another income stablecoin, cUSDO. cUSDO is the abbreviation of OpenEden OpenDollar and is published by the Bermuda-licensed and regulated entity OpenEden Digital.

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