The Binance platform announced the implementation of a series of measures. This for the construction of a combined market for existing stablecoins in the market. With this, it expands the possibilities for its user base around the world. Binance is an international exchange of Chinese origin that registers one of the highest volumes of operations.
In an official announcement, the company ensures that the new measures are intended to provide support to a greater number of commercial pairs. All with different stablecoins. As a result, Tether would no longer be the only cryptocurrency whose value is anchored to the US dollar that could be used to trade with other digital currencies.
These statements match with the news published in the middle of this month. On November 15, Binance announced the addition of Circle's stablecoin, USDC. Which already has the support of Coinbase and other platforms such as OKEx, KuCoin, Bit-Z, Poloniex, among others.
Earlier this year, the exchange had incorporated Paxos Standard (PAX) and TrueUSD (TUSD). In addition, in August he participated as an investor during a round of financing by the stablecoin Terra.
These ads have left out the stablecoin sponsored by Tether, USDT. Despite having announced the possibility of exchanging dollars and euros for its cryptocurrency through its platform. Has been experiencing a significant drop in its volume of operations. This had an impact on its price. Which came to be below USD $ 0.90 on some exchange platforms.
Tether has been the stablecoin with the most unstable performance in recent weeks. This situation has generated distrust and uncertainty among its users. These already expressed their doubts about the accusations made by critics. Lack of solvency and real support for the cryptocurrency. In addition to the allegations in which it ensure that the digital currency was used to manipulate the Bitcoin prices.
The CEO of Binance, Changpeng Zhao, said that despite the fall in the prices of the main cryptocurrencies, still remains optimistic because current prices are much higher than those recorded for 2016 or previous years. He also indicated that the volumes of operations are much greater than what can be seen in the main statistics. Since the OTC (Over-The-Counter) markets register much higher levels than those reviewed by platforms such as CoinMarketCap.
Recently another exchange platform of Chinese origin based in Singapore, Huobi, announced the creation of its multi-stablecoin HUSD. This tool operates directly within the exchange and incorporates four of the best-known stablecoins on the market: Gemini Dollar, Paxos Standard, USDCoin and TrueUSD. This new product not include Tether in the list, which is simply admitted into the platform to be exchanged for other cryptocurrencies.