Singapore, SINGAPORE – Keeping it short and succinct with an announcement on their website, Binance has renamed the Tether USDT Market (USDT) to now be a combined Stablecoin Market (USDⓈ). Before throwing your hands up in the air at the sight of another stablecoin permutation, it was emphasized that this is not a new one but rather just the symbol under which its umbrella houses all Binance’s stablecoin market.
It seems that this is to support more trading pairs with different stablecoins offered as a base pair, which makes sense given that all if not most of them are pegged to the US Dollar such as Circle’s USDC, Paxos’ PAX and TrueUSD among others. Binance will make announcements soon to the exact pairs that will be moved to this new board or added later.
Perhaps, this also assists in diversifying fulfilment risk with some interchangeability between the various stablecoins. USDT for one has it’s own fair share of issues surround the legitimacy of its collateralised backing with various rounds of USDT pulled from circulation a negative indicator.
Far from a brewing stablecoin war to rival the Bitcoin Cash one, Tether recently made known a one-to-one redemption of USDT to fiat. This comes on the heels of Bitfinex, ahem, adding new USDT and Ether Euros (EURT) trading pairs. There are zero fees for USDT deposits and withdrawals and minimum redemption requirements are sizeable US$100,000 and USDT 100,00 lots.