Binance to Integrate Circle's USYC and cUSDO Stablecoins as Collateral for Institutional Clients

According to Fortune magazine, Circle announced that Binance will begin accepting USYC, a stablecoin that shares yield with investors, as collateral for institutional clients. While many institutional traders using platforms like Binance will use Bitcoin or other crypto assets as collateral, some traditional institutions remain hesitant to do so. Catherine Chen, Head of Binance VIP and Institutional Business, said that part of the reason is that the dismal collapse of FTX has made many wary of providing collateral on exchanges. Binance is trying to address this issue through a service called "Banking Triparty." This service involves Binance partnering with traditional banks to act as custodians and use assets held by the banks as collateral for cryptocurrency trading. She added that many partners are working with Binance to integrate USYC, which will provide faster settlement speeds. [Foresight News]