Binance will accept Circle's stablecoin USYC as collateral for institutional clients

Circle announced that Binance will begin accepting USYC, a stablecoin that shares yields with investors, as collateral for institutional clients. While many institutional traders using platforms like Binance would use Bitcoin or other crypto assets as collateral, some traditional institutions are still reluctant 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 using 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. Binance also announced that it will integrate another yield-bearing stablecoin, cUSDO. cUSDO is short for OpenEden OpenDollar and is issued by OpenEden Digital, a Bermuda-licensed and regulated entity. (Fortune) [Odaily]