Binance’s Tether Marketplace Gets Rebranded to Stablecoin Market

Binance’s newly announced “Stablecoin Market” is set to use a new symbol for marking the exchange - USDⓈ, which is not standing for a new Binance issued stablecoin. The Binance community will be informed soon about all trading pairs that will be available on Stablecoin Market.

Binance is set to develop its stable coin services, as the decision comes straight after Circle’s stable coin USDC listing on Binance. Furthermore, Binance recently included support for Paxos' USD-pegged resource named PAX and TrueUSD (TUSD).

The USDC token was launched together with U.S. exchange Coinbase and Circle in October, when Coinbase’s President and COO, Asiff Hirji, said the organization issued "stablecoins upheld 1:1 with the U.S. dollar, totally reviewed, totally straightforward."

Also that month, Tether (USDT) ended up at the wellspring of debate after unpredictability made it lose its long-term peg to the U.S. dollar and drop to as low as $0.91. The issues arose in the midst of rumors that the digital currency trade Bitfinex, the CEO of which is also the CEO of Tether, was confronting bankruptcy.

As of press time, USDT is the seventh top cryptocurrency by market capitalization, exchanging as around $0.968, according to Crypto Browser’s data. USDC, in contrast, is up by 0.53 percent amid the most recent 24 hours and exchanging around $1.03.