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In order to create a combined encryption market in the stable market, Binance has updated its markets in USDT.
Binance, the largest exchange in the world in terms of trading volume, has recently refined its stable markets. According to an announcement made yesterday, it has renamed all USDT markets to USDⓈ.
"Binance has renamed the USDT (USDT) market to a combined Stablecoin Market (USDⓈ). This is intended to support multiple pairs of brokers with different stablecoins offered in base pairs. We will soon make another announcement regarding the exact pairs to move or add to this market. "Before stating that" the USD is not a new stablecoin: it is the symbol of the new market Binance for Stablecoin.
The announcement comes a few weeks after Binance announced that it would be listing the Coinbase coined coin and Circle, USDC. It also lists Paxos and TrueUSD, making it a total of four US dollars. In reality, the exchange would prefer that people use its own currency, the BNB, to trade with.
Tether Untethered
Stablecoins have recently become a subject of contention. The battle for supremacy and becoming the stable standard has warmed as Tether's woes continue to deepen. The USDT is far from "stable" in the recent crypto crash that began less than two weeks ago. Tether's price has fluctuated between $ 1.02 and $ 0.95 and still trades below the dollar at $ 0.98. The USDT actually gave up a 7% difference between its highs and lows, making it the least stable of the least stable over the past two weeks.
The US dollar coin is between $ 1.06 and $ 0.98. It is currently on the rise and has remained above the dollar since mid-November. The standard Paxos token has reached between 1.02 and 0.97 USD and is currently trading at 1.01 USD. TrueUSD is very similar.
By combining stable currencies, Binance seems to be trying to absorb these differences in order to create the most stable market for USD-denominated currencies. There is, however, no room that combines them, but a section on Binance that lists them to give a better insight into the performance of stable funds. This will give a shopkeeper more control over who to choose and it is likely that Tether will come out as a loser, especially since he stays under the dollar much longer.
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