Binance Changes the Name Its USDT Market to Combined Stablecoin Market

Binance Changes the Name Its USDT Market to Combined Stablecoin Market

The innovation aims at supporting more trading pairs of stablecoins

On November 26, 2018, global cryptocurrency exchange Binance repoted that it had renamed its Tether (USDT) Market to be a combined Stablecoin Market (USDⓈ). This innovation aims to the exchange to support larger number of trading pairs of stablecoins.

Also, Binance stated that USDⓈ was not a new stablecoin, but only the symbol of Binance’s new stablecoin market. The exchange promises to post an announcement with information about coin pairs that will be moved or added to the market.

USDC token was launched collaboratively by the in October, 2018, cryptocurrency exchange Coinbase and Circle. The coin is purportedly 100 percent collateralized with U.S. dollars, which are held in accounts that are subject to public reporting of reserves. Coinbase President and COO Asiff Hirji said the company issued “stablecoins backed 1:1 with the U.S. dollar, completely audited, completely transparent.”

Previously, on November 15, 2018, Binance announced that it would start listing USD-pegged stablecoin USD Coin (USDC) issued by Circle company. And before that, Binance added support for USD-pegged asset dubbed PAX and TrueUSD (TUSD) provided by Paxos company.


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