Binance opens trading for 3 new stablecoin pairs


In an announcement earlier today, the team at Binance let the crypto community know that it was going to open trading for three new stablecoin pairs: PAX/TUSD, USDC/TUSD and USDC/PAX. The announcement went on to provide a time frame for the new additions as follows:

Fellow Binancians,

Binance will open trading for PAX/TUSD, USDC/TUSD and USDC/PAX trading pairs at 2019/01/08 4:00 AM (UTC).

The three new stablecoin pairs will be listed in Binance’s Combined Stablecoin Market (USDⓈ) that was launched late in November last year. The move was meant to provide more trading pairs with different stablecoins as a base. The team at the exchange went on to clarify that the new category was not a single stablecoin in itself.

Some crypto enthusiasts were quick to explain the move for a Combined Stablecoin Market as a way of Binance catering for institutional investors who have their doubts regarding Tether (USDT). Another explanation provided was that Binance was simply answering the call from traders to offer more options on the platform.

Further checking coinmarketcap.com, we find that the 5 major stablecoins are showing a slight deviation from the $1 by as much as 1 cent. Doing the math, this is a 1% price difference that can be exploited with stablecoin pairings such as the ones provided by Binance.

At the end of the day, this is still great news for the crypto community.

 


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Samuel Tan

Samuel Wan has been an analyst and cryptocurrency evangelist for the last few years. Previously he worked as a consultant for a Big 4 consulting firm and is passionate about how blockchain will make an impact in the world. You can contact Sam at s@cryptomenow.com

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