Leading crypto trading platform by volume, Binance announced the creation of a new unified stablecoin market. Binance has renamed Tether (USDT) market to the new combined Stablecoin Market (USDⓈ).
This latest move will support more trading pairs with different stablecoins offered as a base pair. The exchange has not made any announcement on what exact pairs to be initially offered to this market. Binance has decided to use the Unicode symbol for an encircled S to denote a stablecoin.
“Binance has renamed the USDT Market (USDT) to now be a combined Stablecoin Market (USDⓈ). This is to support more trading pairs with different stablecoins offered as a base pair.”
With this announcement, Binance is likely to witness more stablecoin on its platform and gives users the best experience. In the last six months, Binance has added three stablecoins, Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC).
Tether (USDT) use to dominate the stablecoin market but is keeping the crypto community concerned about its actual reserve and banking arrangements. And Binance CEO, Changpeng Zhao has become critical of the Tether’s role in the current crypto market. The unified market will take some of the attention from the current market leader and also reduce the market risk.
Join the Discussion on Telegram