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Bitfinex, Ethfinex Add Four More USD-Backed Stablecoins

Bitfinex, Ethfinex Add Four More USD-Backed Stablecoins
By: cointelegraph.com Posted On: December 05, 2018 View: 2

Bitfinex, Ethfinex Add Four More USD-Backed Stablecoins

Cryptocurrency exchange Bitfinex and its spin-off Ethfinex have added support for four new major USD-backed stablecoins, according to an blog post published Dec. 4.

Per the announcement, both exchanges have introduced stablecoins USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) in a bid to keep the platforms “agnostic.” The four new stablecoins join the already supported Ethereum-backed coin DAI and the industry stalwart, Tether (USDT), all to be traded against USD.

Explaining the move as an effort to provide an “unbiased meeting place” for crypto traders, the exchanges note that deposits and withdrawals for the newly added stablecoins are limited to verified traders within their platforms, while trading verification status does not affect trading.

The move follows the introduction of direct USDT-fiat trading in late November, through the addition of USDT/USD and EURT/EUR trading pairs on the Bitfinex platform. That update was made in conjunction with the launch of direct 1:1 redemptions of USDT to fiat on Tether’s platform.

The move from Bitfinex and Ethfinex places them into the ranks of major digital currency exchanges actively listing stablecoins on their platforms. Last month, major crypto exchange Binance announced it would list Circle’s USD-pegged stablecoin USDC, subsequently renaming its USDT Market into a combined Stablecoin Market (USDⓈ).

In October, top crypto exchanges OKEx and Huobi both added four USD-backed stablecoins at once.

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