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Hong Kong-based cryptocurrency exchange Bitfinex introduced the margin trading for the Stablecoin Tether (USDT), according to a post published on December 21st.
Bitfinex has launched margin trading for the USDT / USD pair, which would presumably lead to more efficient price discoveries and will allow users to cover the exposure undertaken on the stablecoin. Along with a loan market, the USDT will be available as a guarantee for marginal positions, the post will be further read.
While trading with a marginal margin is currently limited to USD / USD, the exchange plans to introduce margin exchanges for some other stablecoin pairings once sufficient liquidity has been reached.
In early December, Bitfinex and its Ethfinex spin-off added support for four major new stablecoin backed by USD, including USDC, True USD (TUSD), Paxos (PAX) and the Gemini Dollar (GUSD). The four coins joined the already sustained DAI currency supported by Ethereum and the industrial, USDT, all to be traded against the US dollar.
At the end of November, Bitfinex was investigated by the US Department of Justice (DoJ) in connection with the alleged manipulation of the cryptocurrency market. The agency focused its investigation on the opportunity or not to use USDT to artificially inflate Bitcoin (BTC) prices during last year's meteorological increase.
Reportedly, the Justice Department is examining the way Tether issues its new tokens and why most of the USD enters the market through Bitfinex, in the context of a broader investigation that the "tricks of market "have partially inflated the encryption prices in recent years.
The allegedly intensified investigation of the DoJ on the Bitfinex business adds preliminary investigations into possible misconduct. Both Bitfinex and Tether received quotes from US regulators for reasons not disclosed in December 2017, allegedly referring to persistent doubts about Tether's statements that the USDT is supported one by one by the US dollar.
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