- Binance has announced that its USDT market will now be known as USDⓈ to reflect its stablecoin pairs
- The new pairs to be traded have not been announced yet, but official word is coming soon
Binance has announced in a new Medium post that it will be renaming their USDT Market (USDT) to further reflect their new policy of trading pairs with stablecoins.
Now the market will be called Stablecoin Market (USDⓈ). For now, there is no official word on which exact pairs will be moved to the platform but management has promised that an official announcement with regards to that will be made soon.
It was also noted that USDⓈ is not a new stablecoin in itself, but “the symbol of Binance’s new stablecoin market.”
All about Stablecoins
Stablecoins have made a lot of news in the blockchain industry in recent times. Most of this news is due to questions surrounding their validity and the possibility of them being fraudulent.
Tether, for example, has been the subject of endless accusations that it is nothing but a bitcoin price manipulation tool, despite a study debunking this theory.
Other stablecoins have come out to offer proof of their fiat currency stores.
Despite the persisting rumors, stablecoins seem here to stay and not just in the United States.
Japanese Internet Giant GMO is to release its new Yen-pegged stablecoin next year through Z.com, a cryptocurrency exchange.
The purpose of the new stablecoin is to infuse blockchain technology into cross-border payments and international remittances.
Australia is also getting in on the action as a new Australian Dollar- backed stablecoin was recently launched on Stellar by the Novatti Group, an online patent processor.
The stablecoin was created for both individual and business needs.
Internationally, stablecoins are taking root and this will likely only spread to more regions in the coming years.
Binance in the News
Binance has also made news in recent times due to a number of new developments.
The industry giant opened its research arm, Binance research, a few weeks ago.
The new arm has already published detailed reports on the Loom Network, PundiX, and GoChain.
They also partnered with TravelbyBit last month to introduce crypto payments for services at
airports around the world.