Binance Adds TUSD to its Stablecoin Market (USDⓈ)
Binance which recently announced that it has created a Combined Stablecoin Market (USDⓈ) which is made up of several top-ranking stablecoins, has also made its known that it has added a new stablecoin, True USD (TUSD), to its combined stablecoin market.
TUSD Added to Combined Stablecoin Market (USDⓈ)
In an announcement today, the Binance team made it known that the newly added stablecoin will be tradable using the following trading pairs:
*.BNB/TUSD
*.BTC/TUSD
*.ETH/TUSD
*.XRP/TUSD
*.EOS/TUSD
*.XLM/TUSD
Binance which recently open the Stablecoin basket has stated its concern for institutional clients as the reason behind its creation. The company initially made use of Tether (USDT) as its sole base currency. However, since Tether had its fall out, which led to the stablecoin losing its value which it eventually gained back, there has been an increase in the number of stablecoins available on the market. Also, several exchanges have found an alternative for Tether on their platform. As a result of this, one can easily infer that Binance’s move to create a stablecoin market for its “institutional clients”
Binance launched the new market with the addition of Paxos Standard Token (PAX), on the 29th of November. Once the stablecoin got added to the platform, the exchange updated its trading pair list to PAx a base currency paired with BTC, BNB, ETH,XRP, EOS and XLM.
Technical Delays
Unlike with PAX, the True USD (TUSD) stablecoin the exchange made it known that trading pair for BTC, ETH and BNB Pairs will be delayed due to some technical issues. As a result of this, once the trading pairs go live tomorrow, December 7, only the following pairs will be available for trading:
*.BNB/TUSD
*.BTC/TUSD
*.ETH/TUSD
*.XRP/TUSD
*.EOS/TUSD
*.XLM/TUSD
The CEO of Binance, Changpeng Zhao, has also addressed the delay in a recent tweet which reads:
“Apologies found a minor bug with mixed-base currencies in a market. Nothing too serious, but will fix it first.
Twitter (@cz_binance)
December 6, 2018″
