One of the most popular cryptocurrency exchanges in the world, Binance, is in the latest cryptocurrency news for its liquidity and plans to list Paxos Standard (PAX) as a base token and altcoin on its platform.
As the largest exchange in the world by its volume, Binance is in the process of creating a unified stablecoin market that is known as USDⓈ and it appears that in that market Paxos Standard will be a base token.
Currently, PAX is only trading against USDT in the market. However, according to a crypto press release that was published on Tuesday morning, other pairs will also be added to the exchange soon.
“When trading commences, PAX will have six trading pairs listed on Binance’s USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.” the PR reads.
USDT is by far the most used stablecoin on Binance. However, it seems like the exchange is testing the waters for other token as well. The situation before the addition of the above-named pairs was that users would have to convert PAX to USDT in order to trade on most of the pairs in the new USDⓈ market listings.
Trading of the new PAX pairs should commence on the morning of November 29th. If the volume of the new pairs is significant enough, Binance will add more of them as it has done with Tether (USDT).
All in all, the creation of the USDⓈ Market on Binance also triggers some speculation that the exchange may be working on its own stablecoin offering. Historically, they have shied away from too much interaction with banking systems before releasing their own products and solutions for multiple cryptocurrencies.
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