The largest cryptocurrency platform Binance announced the creation of a new platform - a single market for stablecoins. Company representatives have not disclosed any details regarding the new market, but we do know that USDT will be part of this platform.
USDT will now display on Binance as USDⓈ. According to the company, the symbol Ⓢ will represent a stablecoin. The statement states:
We have renamed the USDT market to the USDⓈ Stablecoin Combination Market. This was done in order to support more trading pairs with different stablecoins. Please note: USDⓈ is not a new stablecoin, it is the symbol that Binance uses to represent the new stablecoin market.
The mechanics of stablecoins are quite simple - the manager stores the funds in a bank account corresponding to the tokens he sells to users. In this case, there is a huge issue of trust, but the advantages also cannot be underestimated - for example, the absence of long red tape in moving funds from the exchanger to the bank account. The ability to store funds in stablecoins without trading them will ultimately stabilize them.
Currently there are several stable coins on the market. According to Binance employees, they expect that stablecoins linked to other fiat currencies, such as the euro or Asian currencies, will soon appear. With this in mind, they are developing the market prematurely in order to provide a fully operational platform by the right time.
At the moment, the main stablecoins are Tether USD, Paxos Standard and USD Coin. Another likely candidate for listing is the Ethereum token Maker DAO.
You May Also Like
Nasdaq acquires Swedish crypto software provider
According to Swedish media, the American Nasdaq exchange has made an offer to purchase Cinnober, a Swedish software provider for crypto exchanges, for $190 million. According to a Nasdaq statement, the acquisitions will strengthen the company's position as one of the largest software providers for digital markets.
TRON Foundation and Justin Sun donate millions of dollars to charity
The three million that the Binance Charitable Foundation (BCF) will receive was donated using the TRON ecosystem's native currency, TRX. BCF is a non-profit organization that was created with the goal of accelerating the adoption of blockchain technology as well as helping those in need.
