The biggest crypto exchange on the market has renamed its USDT market to now be a combined Stablecoin Market (USDⓈ). According to the exchange this will allow them to setup more trading pairs with different stablecoins offered as a base pair.
Binance hasn’t announced yet which trading pairs will be added to or removed from the exchange. The company presses that USDⓈ is ‘not a new stablecoin: it is the symbol of Binance’s new stablecoin market.’
Binance has been using USDT for a long time, alongside BTC, ETH and its own BNB as one of the four main base pairs. Recently Tether (USDT) became the center of lots of negativity. The coin lost its dollar-pegged value and the market panicked. Other stablecoins like Paxos Dollar (PAX), TrueUSD (TUSD) and US Dollar Circle (USDC) have been added to the exchange as alternatives.
Visiting the USDⓈ tab on the Binance website, will get you a list of 21 trading pairs, all with USDT as base pair. PAX and TrueUSD are also paired with USDT, strangely enough. It’s likely that the USDⓈ tab will soon offer pairs for USDT, PAX, USDC and TUSD alike.
Also published on Medium.