A huge transformation has been made by the biggest cryptocurrency exchange in the world⎯ Binance. Recently, Binance took a big decision to rename its Tether market as Stablecoin Market (USD). This significant move was made because the exchange aims to support more trading pairs with various stablecoins as their bases.
The first official declaration was made on the website, and it confirmed that the organization had chosen to rename the market from USDT to USDⓈ. Their decision to rename Tether markets would enable them to add more stablecoins. In addition to this news, it was also announced that the exchange was aiming to make a further declaration about the correct trading pairs that were being moved or added to the market exclusively.
Binance clarified that USDⓈ isn’t the emblem of any new stablecoin in the trade market. It’s a symbol for Binance’s collective trade market.
Right now, Binance has the following stablecoins registered on its platform⎯ TrueUSD (TUSD) (listed on May 16), Tether (USDT) and Paxos Standard Token (PAX) (listed on September 21), and USD Coin (UDC) (added on November 15).
From all the recent news reports, it did seemingly appear that Binance was pushing for another stablecoin market, but it was still under the dark clouds as to what it would be like. Crypto experts and enthusiasts have responded differently regarding this new step by Binance. And a few people have diverse explanations and clarifications.
For example, some believe that Binance is being tricky here as it looks to replace USDT with another as its primary stablecoin. Tether is the one that will be losing a lot in this new form of the Binance business. While some are of the opinion that Binance was intending to fulfill the demands and requirements of its clients by providing them with greater trade services and choices, and with a bigger market, they can have more alternatives to utilize stablecoins.
However, it is too early to say, why Binance is really doing this and how this move will affect the trade market. No one has a clear confirmation about this, at this moment.