The user base of the crypto exchange platforms Bitfinex and Ethfinex will now get access to four new major stablecoins, which are backed by USD.
Both the platforms were providing Tether and DAI coins for trading. And now they have added four stablecoins which are, USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD). Tether, the stablecoin was the only stablecoin available to traders in the market for quite some time. The coin was introduced in 2014, stablecoin’s market started expanding from 2017. It helped in maintaining the stability, as it is pegged to the US Dollar.
In the blog post, Bitfinex notes, “[Bitfinex and Ethfinex] now proudly introduce the following established stablecoins: USDC, True USD, Paxos, and Gemini USD.”
Both the exchanges states that the move is a step to keep the platforms “agnostic.” They claim that they are focused on providing high quality, an unbiased meeting place for every ecosystem and crypto enthusiast. Here, Bitfinex and its ethereum spin-off Ethfinex indicate that deposits and withdrawals for the newly added stablecoins are limited to verified traders within the platform while verification status does not affect trading.
The recent addition follows the launch of direct USDT-fiat trading in late November, through the addition of USDT/USD and EURT/EUR trading pairs on the Bitfinex platform. That modification was made in conjunction with the launch of direct 1:1 redemption of USDT to fiat on Tether’s platform.
The addition of stablecoins on these platforms positions them at the same level of huge digital currency exchanges platforms actively listing stablecoins on their platforms. Notably, the largest crypto exchange Binance revealed it would list Circle’s USD-pegged stablecoin USDC, eventually renaming its USDT Market into a combined stablecoin Market (USDⓈ). Moreover, leading crypto exchanges such as OKEx and Huobi both added four USD-backed stablecoins at once.
Ethfinex is a decentralized token trading exchange introduced in September 2018. Ethfinex expressed that stablecoins provide a “fantastic opportunity” for broader implementation of blockchain while assuring the stability of fiat currencies.
By supporting these stablecoins on their platforms, both the exchanges are expected to provide quicker and more secure transactions.