Binance: USDT market is to the “Combined Stablecoin”market
Home News Binance: USDT market is to the “Combined Stablecoin”market
Marcus Misiak –
Binance, the world’s largest cryptocurrency exchange, according to the adjusted volume (“adjusted volume”), announced yesterday that their Tether/ USDT market should be renamed the “Combined Stablecoin Market” (USDⓈ). This will enable the exchange to expand its support for a number of stablecoins, which are becoming more and more popular. Binance made it clear that USDⓈ is not a Ticker for a Stablecoin.
Binance. its trading platform in the past few months, increasingly to more stable coins like TrueUSD (TUSD), Paxos Standard Token (PAX) and, most recently, USD Coin (USDC), the currencies in the Ranking of the largest Crypto by market capitalisation on 30 The place could climb.
It seems that Binance has criticized its CEO, Changpen Zhao, in recent times, the role of the Tether in the crypto market now, some of the Alternatives to Tether to strengthen. As the statement stands, it is a matter of, “to help more couples,” and thus to escape the current market leader, part of his focus. In the statement published today reads:
Binance has renamed the USDT market (USDT) in a combined Stablecoin market (USDⓈ). This is to encourage more trading pairs with different stablecoins, as a basic pair offered. We will soon make a further announcement of exact couples, the first moved, or this market should be added. Please note that USD isⓈ no new Stablecoin: it is the Symbol for Binance’s new Stablecoin market.
Tether is losing its dominance
While Tether (USDT) dominates the volume in the crypto-world and Binance, have revealed in recent weeks of significant problems with the maintenance of its stable value in the Verhältns to the US Dollar – because of rumors of banking problems, and whether the company has behind Tether actually have the necessary reserves.
In mid-October, the price of coin fell to 0,95 USD. At the beginning of the month of a renewed downturn followed the same price. This has led to the phenomenon that is in the crypto-world as “The Tether Premium” and the higher the price of Bitcoin on exchanges, describes the do not accept Fiat deposits, and to rely on Tether. The Tether Premium is currently observed, in particular, in the case of Bitfinex, the Bitcoin price is around 140 USD on the average price.
Binance seems to be seeking Alternatives to the Problem-plagued USDT and to want a wider set up. After the Tether has taken since mid-October, nearly a billion USDT out of circulation – the number of the USDT has fallen from around 2.8 billion to reached 1,856 billion USDT – could mean the measure of Binance a further weakening of the Tether.