In the last few days, Binance has undertaken various projects related to stablecoins and stablecoin trading on its platform. Binnacle Academy defined Stablecoin as cryptocurrency is designed to be pegged to a specific value.
Currently, many stablecoins are being offered all around the world. Key players in the crypto space are jumping in to utilize what stablecoin has to offer. It seems the exchange does not want to miss out on the growing Stablecoin ecosystem.
Last week on Monday, Binance renamed the USDT Market (USDT) to stablecoin market (USDⓈ). Binance claims that these changes are aimed at creating the convenient space for its customers to trade in especially with the increases competition in crypto markets. The new market features various cryptocurrency-trading pairs using stablecoins as a quoted currency.
USDⓈ is not a new stablecoin, but it is instead a new classification in the Binance exchange platform. On the new platform, stablecoins trading pairs are notably featured in a separate tab, alongside the trading pair tabs for BNB, BTC, and ETH.
Under the new market, Binance listed trading pair using USDT and PAX as quoted currencies. The USDⓈ is expected to feature and support more trading pairs with different stablecoins in the coming days.
Binance adds Paxos Standard token
In the same week, Binance announces that the Paxos Standard Token (PAX) would be added as a quoted currency in the newly formed market. PAX is a stablecoin that was launched in 2012. PAX is issued by a regulated trust company and was approved for issuance by the New York State Department Financial Services.
As per last week, Binance listed six cryptocurrency trading pairs using the Paxos Standard Token. These cryptocurrencies include Bitcoin, Binance Coin, Ethereum, EOS, Stellar Lumens and Ripple.
While commentating on the new changes Binance’s CEO Changpeng Zhao stated:
“We added PAX as a stablecoin quote pair because we believe it will help increase the overall liquidity of the cryptocurrency market. We look to add more trading pairs in the coming days.”
Adding the new six PAX trading pairs brings the number to 22 trading pairs using Tether as a quoted currency with the number expected to rise soon. These recent activities have made the Binance platform one attractive trading platform for the crypt ecosystem.
With the bear market still affecting crypto prices, pairing cryptos with a coin designed to store value is a pretty great idea.
These changes will help protect customers and investors by assisting them to diversify their risk. It will also give people with the Binance ecosystem an opportunity to access more coins in the future.