Wednesday , September 28 2022

Binance Updates


In an effort to create a joint retailcoin market crypto exchange Binance has updated its USDT markets.

The world's top exchange by trade volume, Binance, has been tweaking its stablecoin markets recently. According to an announcement yesterday it has renamed all USDT to the markets USD.It went on to state;

"Binance has been renamed the USDT Market (USDT) to now be a combined Stablecoin Market (USDⓈ). This is to support more trade pairs. "Before clarifying that" USD is not a new stablecoin: it is the symbol of Binance's new stablecoin market. "

The announcement comes a couple of weeks after Binance said it would be listing the Coinbase and Circle dollar coin, USDC It also lists Paxos and TrueUSD, making the total up to four dollar pegged stablecoins. In reality though the exchange would prefer that people use its own coin, BNB, to trade with

Tether Untethered

Stablecoins have become a bit of a point of contention The battle for supremeity and to become the stable standard is heated up USDT has been far from 'stable', during the recent crypto crash which started less than two weeks ago. Tether's price has fluctuated between $ 1.02 and $ 0.95 and is currently trading at a dollar at $ 0.98. USDT has actually yielded a 7% difference between its highs and lows making it the least stable.

USD Coin has ranged from $ 1.06 to $ 0.98 and is actually up trending at the moment, holding up a dollar since mid-November. The Paxos Standard Token has spiked between $ 1.02 and $ 0.97 and is currently trading at $ 1.01, and TrueUSD is very similar.

By combining stablecoins Binance appears to be the most stable market for USD pegged crytpocurrencies. There is no actual coin though that combines all of them, just a section on Binance, which lists them all together for stablecoin performance at a better glance. This will give a trader more oversight on which ones to select and it is likely that Tether will come out to the loser, especially if it is a lot longer for a dollar.

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