Binance has renamed its Tether (USDT) Market to be a combined Stablecoin Market (USDⓈ). According to an announcement which was published Nov. 26, the major cryptocurrency exchange will reportedly allow the exchange to support more trading pairs of stablecoins.
The exchange also has stated that USDⓈ as its symbol of Binance’s new stablecoin market and has also said that it is not a new stablecoin. Binance still hasn’t made any official announcement. It will release a separate statement about the exact pairs that will be moved or added to this market.
Prior to the USD,Ⓢ Binance added support for Paxos’ USD-pegged asset dubbed PAX on 21st September and True USD (TUSD) on 16th of May. The move comes after the Nov. 15 announcement that Binance would start listing blockchain payment company Circle’s USD-pegged stablecoin USD Coin (USDC).
In October, USDC token was initiated collaboratively by U.S. cryptocurrency exchange Coinbase and Circle. The coin is reportedly said to be 100 percent collateralized with U.S. dollars. And they will be held in accounts that are subject to public reporting of reserves.” The stablecoins are backed 1:1 with the U.S. dollar, and are completely audited and completely transparent” said the Coinbase President and COO Asiff Hirji on its issue.
Tether (USDT) had recently found itself at the source of controversy after volatility in the market that had caused it to lose its long-time peg to the U.S. dollar and it had dropped to as low as $0.91. More problems had emerged when the rumors had followed that the CEO of cryptocurrency exchange Bitfinex (also CEO of Tether) was facing bankruptcy.
As of now USDT is trading around $0.968 and is the eighth digital market currency according to CoinMarketCap. The USDC has shown a growth of 0.53 percent in the last 24 hours and is trading around $1.03.