Major crypto trading platform Binance, which is the top exchange by volume has announced that it is renaming its Tether (USDT) market to a combined Stablecoin Market (USDⓈ). The move is part of the exchange’s efforts to support more trading pairs with different stablecoins as their bases.
Binance, however, clarified that USDⓈ is not a ticker for a native stablecoin but the symbol of Binance’s new stablecoin market. The exact pairs that can be initially moved or added to this market would be revealed by the exchange later.
During the last six months, Binance had added Paxos Standard Token (PAX), TrueUSD (TUSD) and USD Coin (USDC) to the list of stablecoins available on its platform.
Earlier in October, leading U.S. cryptocurrency exchange Coinbase had partnered with Circle to launch USDC, making it the first stablecoin for trade on the platform. The coin is fully backed by U.S. dollars and the accounts can be scrutinized by the public to ensure transparency.
The USDT market currently offers 21 pairs, including BTC, Bitcoin Cash, Ethereum, Cardano, XRP, Litecoin and a range of other altcoins including its own BNB token. Another trading that will most probably be added soon is Maker DAO belonging to the Ethereum world. Maker DAO is seemingly quite different in functionality than are the simple paired tokens and has a number of algorithmic functions within it. Binance is reportedly expecting to see more such stablecoins added to its platform particularly from other fiat systems, like the Euro and a few Asian currencies. According to its statement, Binance will keep its traders informed in case of any such developments.
USDT has been overtaken by Bitcoin SV in terms of market cap, making the latter the seventh most valuable coin in the market. Currently, there exists a mere $200 million difference between the market cap of Bitcoin SV and Tether. According to CoinMarketCap data, at press time, USDT was seen trading at around $0.968, having lost 0.07 percent on the day. USDC, on the other hand, was up 0.53 percent during the last 24 hours and trading at around $1.03.
Many crypto enthusiasts have expressed different opinions regarding this move by Binance. While some see it as an attempt to decrease its dependency on USDT as the main stablecoin. Others consider it as a move to provide additional trading options and services to its local traders. Overall, it is Tether which has a lot to lose through this development.