ErisX Starts to Expand Spot Market with USDC listing
ErisX is excited to announce that we have listed USD Coin (USDC) trading pairs including BTC/USDC, ETH/USDC, and USDC/USD. This is our first foray into stablecoins, an important and growing part of the crypto ecosystem, and marks the beginning of an expansion of coin offerings.
- Issued by regulated financial institutions, and backed by fully reserved assets, USD Coin (USDC) is governed by Centre, a membership-based consortium that sets technical, policy and financial standards for stablecoins. Circle is the principal developer of USDC. Each USDC is backed by dollar assets subject to U.S. prudential regulations.
- USDC tokens leverage blockchain technology for a more efficient way to transfer dollars compared to traditional banking infrastructure.
- Circle’s approach to creating a dollar digital currency with a focus on compliance, oversight, and transparency with reserve attestations is consistent with ErisX’s operations and ethos.
“We are pleased to expand our product listings to include USDC, a digital dollar currency that adheres to high standards of transparency and integrity through audibility and oversight, and give our Members more trading opportunities,” said Thomas Chippas, CEO Of ErisX. “Stablecoins enable 24/7 movement of fiat currencies without any need to interact with the traditional banking infrastructure, making treasury management efficient when trading markets are open 24/7 like crypto.”
“We are pleased to work with a US-based and regulated exchange such as ErisX and that they recognize the opportunities and capabilities that USDC brings to investors,” said Stephen Leahy, Director, Business Development, Trading Markets, Circle. “USDC availability on the ErisX platform will expand the use of USDC by institutional investors in the trading markets and as a settlement currency. We look forward to further engagement with ErisX as Circle expands to offer other products in the near future.”
ErisX has opened trading pairs in the spot market for the U.S. dollar-pegged USDC token. ErisX is a US-based spot and regulated futures market for cryptocurrencies. In addition to USDC, the ErisX spot market also supports Bitcoin, Ether, Litecoin, and Bitcoin Cash. Sign up, fund and trade within one month of opening your account and ErisX will credit you $50 the next month.
Note: ErisX’s USDC listing in the State of New York is pending approval from the New York Department of Financial Services.
Licenses and Registrations
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) — registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s Bitlicense to engage in virtual currency business activity by the New York State Department of Financial Services.