A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin
The twentieth exchange is phasing out the fierce cryptocurrency.
Digifinex decided to replace Tether (USDT), the most famous "stablecoin" designed to maintain the US dollar and steady exchange rate, with TrueUSD of rival TrustToken. Headquartered in Singapore, Digifinex estimates that CoinMarketCap handled $ 113 million in transactions over the past 24 hours, making it the 16th highest.
Digifinex co-founder Kiana Shek told CoinDesk, "I'm looking for a way to get rid of the USDT for months," adding, "I just do not believe in the rope, but I have no choice."
Shek said of the decision to adopt TrueUSD: "My research, due diligence and communication with the TrustToken team have inspired my commitment to industry best practices." She noted that the team adhered to the US Financial Crimes Enforcement Network (FinCEN) regulations and were independently verified by external auditors.
Tether behind the USDT did not comment on the press. The company has been attracting more than a year's attention because it tries to convince observers of enough dollar reserves to completely reverse the USDT being circulated.
cryptocurrency exchange Claims that the owner and management of the Tether who overlaps with Bitfinex are printing money, but the value of the USDT is still fixed at $ 1.00, and many exchanges are enumerating several pairs of trades under USDT terms.
These listings are appealing to traders because the USDT can move more easily during the exchange period than the regular currency. And at the time of writing, the rope is the eighth most important cryptocurrency by market cap. It is the most valuable stablecoin.
It is therefore noteworthy that a large exchange has decided not to offer a pair of tethered trades but to use the stable stock of its competitors instead. Given the number of stable coins that will be released or coming soon, the competition for tethering will become even more intense.
Stephen Kade, co-founder and chief operating officer of TrustToken, said the transaction is "trying to create a profit for them." One example of this trend is that the Gemini Exchange recently announced a dollar-fixed cryptocurrency.
Kade said, however, that TrueUSD has advantages over these competitors: "TrueUSD is live and inexplicable," he said.
TrustToken launched TrueUSD in March, and Tony Pham, the company's marketing and communications manager, told CoinDesk and plans to launch products related to the euro and other currency currencies in the future. If the goal of widespread adoption by the exchange is to be heard as ambitious, then it is a widespread propulsion of TrustToken, that is, tokenize virtually any form of asset.
TrueUSD transactions start at 15:00 Singapore on Monday. Initially, Digifinex offers TrueUSD trading pairs with Bitcoin, ethereum and tether.
Tether and TrueUSD transactions will be available for a while, Pham said.
Tether image through Shutterstock
Additional reporting by Brady Dale
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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