In an unidentified move, Binance's popular cryptocurrency trade announced that it was renaming its Tether (USDT) market in a combined Stablecoin (USDⓈ) market. The exchange explained that the move was aimed at supporting multiple trading pairs with different stable currencies as a base.
The announcement went on to state:
Binance renamed the USDT market (USDT) to be now a combined Stablecoin (USDⓈ) market. This is to support multiple trading pairs with different stablecoin offered as a basic pair.
We will soon make a further announcement on the exact pairs to move initially or add to this market.
USDⓈ It is not a new stable currency
The exchange went on to explain that the new category and the symbol is not a new stablecoin.
Note that USDⓈ is not a new stablecoin: it is the symbol of Binance's new stableco market.
Stable coins listed on Binance
In the last six months, Binance has added the following stablecoin in addition to Tether (USDT):
- Paxos Standard Token (PAX) – listed on September 21st
- TrueUSD (TUSD) – quoted on May 16th
- USD currency (USDC) – listed on November 15th
What Happens Tether (USDT)?
The Binance team has promised to update itself on further developments of the new Stablecoin market. But the development of changing the USD market to include all the stablecoin on the platform can be interpreted differently by many crypto-traders. The most obvious is that the exchange is trying to reduce USDT dependency as the main Stablecoin. Another simple explanation is that the exchange is giving its loyal traders what they are asking for: more trading options and services on the platform.
What are your opinions on Binance which combines the Tether market (USDT) in one for combined stablecoins? Let us know in the comments section below.
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