The world's largest binomial of cryptographic exchange seems to add new points of balance

Binance, the world's largest cryptocurrency swap with a tightly adjusted volume, is actively seeking to list other stablecoin in addition to the three already supported, including the recently besieged tether (USDT).

"We hope to be able to list some other stablecoins on our platform," chief financial officer Wei Zhou told CoinDesk on Thursday.

But that does not mean that Hong Kong-based exchange is accumulating on the USD, which on Monday lost its parity against the US dollar and has not yet fully recovered, trading at $ 0.976 on Thursday.

"Overall, we believe things will be fine and we will continue to support the USDT," Wei said.

In fact, Binance's interest in expanding its stablecoin options is antecedent to the dollar's rupture. The exchange added support for Paxos Standard (PAX) in late September, weeks before USDT lost parity, and TrueUSD (TUSD) in May.

Currently, Wei said that the Binance research team is evaluating almost all the other stablecoin on the market, such as the Gemini Dollar (GUSD) supported by Cameron and Tyler Winklevoss. All of these new stablecoins have also broken their fiat peg one on one this week during the frenzy, although unlike the USD, they have risen above $ 1 instead of falling below it.

Speaking at the recent expansion of Binance in Uganda to work with local institutions for ramps ramping, Wei added:

"Rather than keeping bitcoins, [institutions] in fact I prefer to hold more stablecoin, because the dollar is still the default currency in some of these countries. This is just a case of use that we have seen that is different in this part of the world, compared to other parts of the world. "

Part of this call for institutional players – especially if a heavily monitored asset such as GUSD enters the mix – will involve analysis tools developed with the Chainalysis investigation software provider to help improve Binance compliance procedures.

"Critical for our ecosystem"

Actually, Binance still sees the USDT as a pivot of cryptographic markets.

As for the cable, Wei said:

"We believe this stablecoin, as an entity, is critical to our ecosystem right now because it offers investors an alternative to parking their resources in something they can identify with."

Lately, however, many investors withdrew rather than park assets in USDT and Binance briefly suspended the stablecoin withdrawals earlier this week, when price fluctuations followed a trading peak.

Wei said that the fluctuation was caused by "rumors spread unlikely" on Tether, the company that issues USDT and has close ties to Crypto Exchange Bitfinex, although he added that "from our point of view, we believe that the market is always right ".

According to CoinMarketCap, bitcoin-USDT pairs have totaled more than 14 percent of Binance's global volume in the last 24 hours, plus 12 percent of the USDT pair's pull with other popular altcoins. (The exchange is at # 1 for the 24-hour volume if markets without commissions and transaction mining are excluded, No. 3 if such exchanges are included.)

Yet some are skeptical about the prospects for the new regulator-oriented stablecoin to consider all or all of the snares of the game.

Nic Carter, co-founder of and partner of Castle Island Ventures, argued that stablecoins are currently used by traders who do not have regulatory arbitrage ramps or want to avoid capital controls.

"I do not think traders will adopt regulated alternatives, such as the Gemini Dollar, which incorporated money laundering," Carter told CoinDesk, adding:

"For me, those are not even playing in the same sandbox."

Image of Binance via Shutterstock

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