Binance Adds True USD (TUSD) to its Combined Stablecoin Market (USDⓈ)

Less than a week ago, the team at Binance announced that it was launching a Combined Stablecoin Market (USDⓈ) that would add more stablecoins in addition to Tether (USDT). The move was considered by many, as catering for institutional clients who would prefer multiple stablecoins rather than just one.

Binance already has the following stablecoins.

  • Paxos Standard Token (PAX) – listed on the 21st of September
  • TrueUSD (TUSD) – listed on the 16th of May
  • USD Coin (USDC) – listed on the 15th of November

PAX First To be Added To the Stablecoin Market

Soon after the aforementioned announcement (and on the 29th of November, Paxos Standard Token (PAX)was added onto the stabelcoin market to be a base currency paired with BTC, BNB, ETH, XRP, EOS and XLM.

True USD (TUSD) Added Onto the Stablecoin Market

Earlier today, Binance announced that it was also adding True USD (TUSD) to the stablecoin market. TUSD will be paired as follows:

  • BNB/TUSD
  • BTC/TUSD
  • ETH/TUSD
  • XRP/TUSD
  • EOS/TUSD
  • XLM/TUSD

Technical Delay for BTC, ETH and BNB Pairs

The trading pairs for TUSD had been scheduled to go live tomorrow, December 7th at 10am UTC. However, the team have delayed the listings of BTC, ETH and BNB pairs due to technical reasons. They have since updated the crypto trading community as follows.

Due to technical reasons, we will delay the listing of BNB/TUSD, BTC/TUSD, ETH/TUSD trading pairs to a later date. As such, we will keep the TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs listed until this date.

This means that only TUSD pairs with XRP, EOS and XLM will be listed tomorrow.

The CEO of Binance, Changpeng Zhao, took to twitter to apologize about the delay. He explained there was a bug that needed to be fixed. His tweet can be found below.

USD Coin (USDC) Likely To Be Next

With two out of three of the stablecoins listed on the new market, it is only natural to assume that it is only a matter of time before USDC is added with similar pairs on Binance.


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Author:  John P. Njui
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A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin

A top-20 exchange is phasing out an embattled cryptocurrency.

Digifinex has decided to replace tether (USDT), perhaps the best-known “stablecoin” designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken’s TrueUSD. Based in Singapore, Digifinex handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap, making it the 16th-largest exchange by that measure.

Kiana Shek, Digifinex’s co-founder, told CoinDesk she’d been “looking for ways to get rid of USDT” for months, adding, “I simply don’t believe in tether but I had no choice” but to list it.

Speaking of the decision to adopt TrueUSD, Shek said, “through my research, due diligence, and my communications with the TrustToken team, I have come to appreciate their commitment to industry-leading best practices.”

She mentioned the team’s compliance with the U.S. Financial Crime Enforcement Network’s (FinCEN) regulations and independent verification by an outside auditing firm.
Tether, the company behind USDT, did not give a comment by press time. The firm has been the subject of much negative attention for over a year now, as it has struggled to convince observers that it holds enough dollar reserves to fully back all the USDT in circulation.

Despite allegations that the Tether’s owners and management – which overlaps with that of the cryptocurrency exchange Bitfinex – are printing money, though, USDT’s value remains pegged to $1.00, and many exchanges list multiple trading pairs in USDT terms.
These listings appeal to traders because USDT can be more easily shifted between exchanges than fiat currency. And at the time of writing, tether is the eighth-most valuable cryptocurrency by market capitalization.

It is notable, therefore, that a large exchange has decided to move away from offering tether trading pairs and adopt a rival stablecoin instead. Given the high number of stablecoins that have recently launched or are set to launch soon, the competition Tether faces is likely to increase.

“The risk from tether and the need for a new USD stablecoin is so great,” TrustToken co-founder and COO Stephen Kade told CoinDesk, “that exchanges have started trying to create their own.” An example of this trend is the Gemini exchange’s recent announcement of a dollar-pegged cryptocurrency.

Kade argued that TrueUSD had an advantage over these rivals, however: “TrueUSD is live and exchange-agnostic,” he said.

TrustToken launched TrueUSD in March, the company’s head of marketing and communications Tony Pham told CoinDesk, and plans to launch products linked to the yen, euro and other fiat currencies in the future. And if the goal of wide adoption by exchanges sounds ambitious, TrustToken’s broader push – to tokenize practically any form of asset – is even more so.

TrueUSD trading will become available on Monday at 15:00, Singapore time. Initially, Digifinex will offer TrueUSD trading pairs with bitcoin, ethereum and tether.
Both tether and TrueUSD trading will remain available for a while, said Pham, before tether is dropped from the exchange.


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Author: David Floyd
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IBM Is Experimenting With a Cryptocurrency, Which It Says Is More Stable

It’s basically a blockchain-backed dollar — but you can’t convert your money to it (yet).

Cryptocurrencies fluctuate wildly in value. If you’ve been following bitcoin since last fall, you’ve seen the value of one unit of bitcoin surge from less than $5,000 in early October 2017, peak at more than $19,000 in December and gradually make its way back down to the $6,000 range.



For transactions that do involve money, companies are seeking more stable cryptocurrencies, with all of the blockchain tracking benefits of crypto, minus the volatility and lost value and time in the conversion process. IBM is one company working to prove out what’s called a “stablecoin” solution, which means its value is based on the value of the U.S. dollar at any given time.

The 107-year-old legacy tech corporation has embraced blockchain, which underlies cryptocurrencies, in recent years — using it for applications including a cross-border payments network, tracking luxury goods such as diamonds and more.

For crypto exchanges up to this point, IBM has relied on a currency called Stellar Lumens. But this week, the company announced it will begin testing Stronghold USD “to experiment with ways for financial institutions and other organizations to achieve faster, safer and more efficient transaction processing and money transfer throughout the world’s economy,” according to a press release.

For now, Stronghold USD is only available as a business-to-business cryptocurrency. Consumers can’t buy anything with it. But IBM’s adoption speaks to the trend and promise of cryptocurrencies with values based on and equal to the dollar.

Tether is one stablecoin that’s been widely adopted, though its true value is a matter of controversy. It’s “often the second most traded crypto asset after bitcoin,”. “Traders routinely trade in and out of it as they attempt to outmaneuver bitcoin’s price swings.”

Entrepreneur contributor Han-Gwon Lung wrote about the potential for stablecoins — and one in particular, Basis — in late May: “Figuring out how to create the world’s first true stablecoin (as did the guys at Basis, who raised $133 million from VCs like Andreessen Horowitz) would revolutionize finance as we know it.”

One small company that is dabbling in stablecoin is The White Company, a fine art and luxury goods dealer that allows purchases via cryptocurrency, from Super Bowl suite tickets to Lamborghinis. CEO Elizabeth White launched the White Standard, a stablecoin, in early June, so clients could convert their money to and from cryptocurrency more directly.


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Author: Lydia Belanger
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