Tether (USDT) Owner Bitfinex Lists 4 New Stablecoins – USDC, PAX, TUSD, GUSD
Bitfinex, the founder of infamous Tether (USDT) stable coin, has announced the listing of four new stable coins to both Bitfinex and its sister-exchange, Ethfinex, bringing all the stablecoins to the exchange.
All their clients are now able to trade the following stable cryptocurrencies:
- Tether (USDT)
- Dai Stablecoin (DAI)
- TrueUSD (TUSD) – new
- USDC (USDC) – new
- Paxos (PAX) – new
- Gemini USD (GUSD) – new
With this move, the two exchanges complete the listings of the top six traded stablecoins in the market.
Bitfinex following its competitors
In the release published on their official Medium channel, Bitfinex claims that they were always dedicated to providing “a coin agnostic” marketplace of the highest quality to their users.
“We were the first to introduce alternative stablecoins onto our platform, including Dai (an Ethereum collateralized stablecoin)” Bitfinex’s announcement points out before revealing the new market participants.
Indeed, listing Dai on their platform can be considered as an act of a pioneer as the stablecoin isn’t conventional by any means. It was developed on the Ethereum network, and, although it represents the value of the US dollar, it is also dependable of the price of Ether (ETH).
Bitfinex’s listing of Winklevoss brothers’ GeminiUSD (GUSD) is also noteworthy as this top 20 exchange is the first, besides the Winklevoss-owned Gemini crypto exchange, to add this stablecoin to their trading platform.
The announcement comes right around the time where some of the largest exchanges have begun listing these stablecoins as well, including Binance, Huobi, OKEx, Bittrex and more.
Cryptocurrency market’s stablecoin era
Despite the fact that Tether was around since 2014, the real expansion of stablecoins began during the second half of 2017 and continued throughout the ongoing 2018 bear market.
The stablecoin market has a strong growth perspective, especially with the possibility that the traditional financial system may consider digitizing traditional assets.
Still, the U.S. dollar holds the prime position even in the world’s cryptocurrency stablecoin markets and is probably used as a currency of refuge for many traders outside the United States. It will be interesting to see what will happen when yuan, yen, and other stablecoins tied to some other large markets eventually begin appearing.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.