Binance, the leading cryptocurrency exchange by adjusted trading volume is constantly making improvements to its service offering and yesterday February 13th, saw the exchange expand its stable-coin pairing offering from its current four markets to eight. In addition to trading in TUSD, USDT, PAX, and USDC base markets, as of today February 14th, Binance users will be able to trade in Stable USD (USDS) as well.
The current stable coin pairs include TUSD/USDT, USDC/PAX, USDC/TUSD, and USDC/USDT. With the introduction of USDS, the markets will expand to eight to include USDS/USDT, USDS/PAX, USDS/TUSD, and USDS/USDC. The additional markets will be available as from 10:00 AM (UTC) on February 14th.
All the supported stablecoins are all pegged to the US Dollar denomination with Tether’s USDT token being the leading stablecoin by market capitalization. According to data provided by Stablecoin Stats, the leading stablecoins are supported by Binance and worth a combined market cap of well over $2.5B as of press time. Tether commands a large portion of that capitalization with more than $2B attributed to it.
Stablecoins, despite their controversial status among the crypto community, have come into popularity in 2018 following a sharp decline of cryptocurrency prices across the board in the longest bear market of the nascent industry. Investors choose to invest in stablecoins to preserve the value of their cryptocurrencies as these coins are expected to maintain their value similar to the US Dollar.
They rarely deviate from their 1:1 dollar pegs due to their centralized nature, however, governance issues could cause problems as previously evidenced by the oldest stable coin Tether which has been marred with controversy causing deviation in its value against the dollar by as much 5%.
