Principal exchange of cryptocurrency Binance renamed its Tether market (USDT) as a combined Stablecoin market (USDⓈ), according to an announcement published on 26 November. This will probably allow the exchange to support more pairs of stablecoin.
The exchange also notes that USDⓈ is not a new stablecoin, but the symbol of Binance's new stableco market. Binance will post a separate announcement on which exact pairs will be moved or added to this market.
The move follows the November 15 announcement that Binance would start listing the USDCH (USDC) currency of the blockchain payment company. Previously, Binance added Paxos USD asset-pegging support called PAX and TrueUSD (TUSD).
The USDC token was launched in collaboration with the US cryptocurrency exchange Coinbase and Circle in October. The currency is presumably 100% guaranteed with US dollars, which are held in accounts that are subject to public reserve reporting. The president and COO of Coinbase Asiff Hirji stated that the company issued "stablecoin supported 1: 1 with the US dollar, fully verified, completely transparent".
Also in that month, Tether (USDT) found itself at the source of controversy after the volatility lost its long-standing peg to the US dollar and dropped to a minimum of $ 0.91. The problems emerged among the rumors that the cryptocurrency exchange Bitfinex, the CEO of which he is also CEO of Tether, was facing insolvency.
At press time, USDT is the eighth digital currency by market capitalization, trading around $ 0.968 and losing 0.07 percent of the day, according to CoinMarketCap. USDC, in turn, rose 0.53 percent in the last 24 hours and traded around $ 1.03.