Binance, the largest crypto exchange in the world by adjusted volume is launching a market for stablecoins to expand its coverage to other stablecoins other than the few it currently supports.
According to an announcement by the company on Twitter, this expansion from the Tether (USDT) Market to USD? market is meant to encompass more stablecoins instead of concentrating only on USDT as it had done in the past. According the announcement,
“Please note that USD? is not a new stablecoin: it is the symbol of Binance’s new stablecoin market. We will make a further announcement soon on the exact pairs to be initially moved or added to this market.”
Binance seems to be making a few changes as just today, it launched its Gold Label Project on its Binance Info platform. The project which aims to provide users with accurate and timely information on crypto projects has been joined by Tron and more projects are expected to join soon.
The decision to add more stablecoins has been a long time dream for Binance. In October, the chief financial officer Wei Zhou announced the intention of the company to list more stablecoins, which it did until the last USDC stablecoin that was listed just a week before today’s announcement of a Stable Market which will increase capacity for more stablecoins.
Until today, the exchange supports four different stablecoins, all of which are dollar-pegged. They include the famous USDT, USDC, TrueUSD (TUSD) and Paxos Standard Token (PAX).
Stablecoins are a type of cryptocurrencies which are backed by fiat currencies, which is the U.S Dollar in the case of Binance’s stablecoins, but it could be any cryptocurrency or Gold or any other resource like Venezuela’s Petro.
The value of stablecoins is relatively stable compared to other cryptocurrencies that don’t have such backing. This makes stablecoins ideal for spending on goods and services especially at a time like this when the cryptocurrency market is facing a serious bear situation. Binance’s expansion of its stablecoin market is therefore timely and may really boost its trading volume at least until the bear market and volatility reduces.