Cryptocurrency exchange Zebpay introduced a new stable coin on its platform on Monday. A blogpost published late last night said that users can now deposit and withdraw TrueUSD (TUSD) on the exchange.
Stablecoins such as Tether (USDT) and now TrueUSD (TUSD) are called so, because their intrinsic value is $1 and are not subject to usual volatility of the cryptocurrency markets. However, it is not always 100% accurate. For instance, if we were to take a look at TUSD’s charts over the past two days, we would see that its value remained $0.99 on August 4 and 5 and $1 on Monday (August 6).
However, one positive aspect is 1TUSD can be redeemed for $1.
Zebpay, in its blog revealed, the reason behind listing this stablecoin. The post said, “We are amidst the phase where our industry in India is facing an unprecedented situation. The recent events led to pausing the INR transactions. Traders across India are curious to find an alternative to INR-crypto trading. At Zebpay, we are working to resolve any trading limitations. As one of the best possible solution, we welcome TUSD as an INR alternative on Zebpay exchange. Being a stable coin, TrueUSD is secure to invest and trade in the cryptocurrency market.”
Stablecoins are popular among people who haven’t had a lot of experience with trading. They are also popular among people who do not wish to risk losing their digital assets owing to volatility.
As mentioned above, traders can deposit as well as withdraw TUSD to and from their Zebpay wallets. However, the trading pair BTC/TUSD will start from next week on.
Liked what you read? Join us on Telegram