BCex will add Gemini Dollar and Paxos Standard stablecoins

BCex, a Chinese cryptocurrency exchange based in Vancouver, Western Canada's largest city, announced the addition of two new stablecoins Gemini Dollar (GUSD) and Paxos Standard (PAX).

Highly pegged to the US dollar and launched in early September, the new stable tokens once again promise to combine the creditworthiness and price stability of the dollar with the technological advantages of crypto assets. 

Gemini Dollar (GUSD), issued by Gemini Trust Company, is owned by twins Cameron and Tyler Winklevoss. The company's first cryptocurrency token aims to provide liquidity for the transfer of fiat currency through the Ethereum network. 

Paxos Standard (PAX) is issued by Paxos Trust Company, LLC. The company is uniquely positioned to mobilize and store assets digitally and says it is ushering in a future where everything from money to goods is digitized and can move instantly, 24/7.

Both tokens are ERC20 tokens backed by dollars held in US banks and insured by the FDIC. The New York State Department of Financial Services (DFS) has authorized the launch of its own stablecoins, Gemini Trust and Paxos Trust, giving them official support and the ability to offer a stable mechanism pegged to the national currency. The BCex crypto platform is focused on Asian markets and does not support users from the USA, Africa and Europe and has not yet become popular in the Western world.

Yesterday, Binance announced the addition of Paxos Trust (PAX) to its listing. And GUSD is already listed on the Gemini, DEx.top and HitBTC platforms. Bibox, one of the top 10 crypto exchange platforms, was the first trading platform to feature GUSD.

Since Tether (USDT) has been around concerns have arisenIt seems like a new stablecoin is being released every week to try to take its place. The creators are confident that stablecoins are attractive to active traders who can use the coin to redeem digital assets faster than if they were converted into dollars.