One of the major crypto trading platforms and the most popular option for traders, Binance, is in the latest crypto news for the creation of a new unified stablecoin market.
The exchange, which is doing nearly twice the 24-hour volume of its nearest competitor at the time of writing, recently announced the plan but did not reveal many details on this new market.
What’s known so far is the fact that USDT will now be listed on Binance as USDⓈ. The Unicode symbol will be used for an encircled S in order to denote a stablecoin. As the official announcement from the company says:
“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.
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[…] Please note that USDⓈ is not a new stablecoin: it is the symbol of Binance’s new stablecoin market.”
Stablecoins won’t be a new addition to Binance. There are several such on the market as it stands – but as a group – are probably not capable of capturing the entire market that will bloom. This is why Binance is looking to add more stablecoins and give users the best experience in terms of securing funds in the dollar-denominated currency when not trading them.
Currently, there are four major stablecoins including Tether, Paxos Standard, USD Coin and the next one which will likely be in pair and belongs to the Ethereum world – which is the Maker DAO.
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