Binance Renames its USDT Tether to USDs Stablecoin
In an unprecedented move, major cryptocurrency exchange Binance has announced that it has renamed its Tether (USDT) Market to be a combined Stablecoin Market (USDs), as reported by a Binance on Nov 26th. The move has been aimed at letting the exchange support more trading pairs of stablecoin.
As of now, there is no official announcement about what exact pairs will be moved or added to this market. Binance plans to deliver an announcement on it separately.
The announcement was as follows: "Binance has renamed the USDT Market (USDT) to now be a combined Stablecoin Market (USDs). This is to support more trading pairs with different stablecoins offered as a base pair. We will make a further announcement soon on the exact pairs to be initially moved or added to this market."
Please note that USDs is not a new stablecoin: it is the symbol of Binance's new Stablecoin market
The exchange also notes that USDs is not a new Stablecoin, but Binance's symbol for the new Stablecoin market.
"Please note that USDs is not a new stablecoin: it is the symbol of Binance's new Stablecoin market", it added.
Moreover, Binance has added some Stablecoins in addition to Tether (USDT) in the last six months; Paxos Standard Token (PAX) was listed on 21st September, TrueUSD (TUSD) on 16th May and USD Coin (USDC) in October, collaboratively by US cryptocurrency exchange Coinbase and Circle. The coin is purportedly cent percent collateralized with US Dollars, which are held in accounts that are subject to public reporting of reserves. In a statement, Coinbase President and COO Asiff Hirji said that the company issued "stablecoins backed 1:1 with the USD, completely audited, completely transparent."
Meanwhile, there has been a lot of rumor regarding the validity of Stablecoins and also of them being fraudulent. For instance, problems emerged when the cryptocurrency exchange Bitinfex, the CEO of which is also the CEO of Tether, was rumored to be facing insolvency. Tether had then been accused of being nothing but a bitcoin price manipulation tool, despite a study proving the contrary. This had caused Tether to lose its long-time peg to the US dollar and drop to as low as $0.91. Then, other Stablecoins too had to offer proofs of their fiat currency stores.
In a statement, Coinbase President and COO Asiff Hirji said that the company issued "stablecoins backed 1:1 with the USD, completely audited, completely transparent."
Despite all the buzz, it appears that Stablecoins here to stay. GMO, the Japanese Internet Giant, will release it's new Yen-pegged Stablecoin next year through Z.com. The Novatti group in Australia, too, has launched a new Australian Dollar-backed Stablecoin on Stellar.
The new Stablecoin will infuse Blockchain technology into cross-border transactions and International remittances.