HomeBitcoinPopular Exchange Bitfinex Adds Multiple Stablecoins

Popular Exchange Bitfinex Adds Multiple Stablecoins

bitcoin

Popular exchange Bitfinex and associated exchange Ethfinex announced the listing of several additional stablecoins today. The platforms will add four more stablecoins to the mix.

Bitfinex Announcement

Announced on Medium today, Bitfinex and Ethfinex will add USD Coin (USDC), Paxos (PAX), True USD (TUSD), and Gemini USD (GUSD).

The announcement does however note that “[a]ll stablecoins on Bitfinex and Ethfinex will be traded against USD”.

Bitfinex and Ethfinex tout dedication “to providing a high quality, unbiased meeting place for every ecosystem and customer”.

An Uncertain Past

Bitfinex has been a significant talking point over the past years with its Tether (USDT) involvement.

Tether has seen its fair share of doubt concerning their solvency. Back in June, Finance Magnates reported on Tether finally conducting an audit to prove sufficient reserves for USDT backing.

However, the U.S. Department of Justice (DOJ) recently revealed their investigation into Tether’s possible involvement in market manipulation.

Bitfinex allegedly has close ties with Tether. Twitter account Bitfinex’d is popular for its negative stance against Tether and Bitfinex. However, it’s difficult to sort out facts from rumors with the entire situation.

In what was an odd turn of events, Bitcoin also spiked significantly in price back in October on Bitfinex, while Tether prices dumped.

Stablecoin Mania

Fall 2018 has been filled with a mass amount of stablecoin headlines. PAX, USDC, GUSD, and the rest all continue to make developments.

In October, Crypto Insider reported on Circle and Coinbase announcing their collaboration with USDC. This was notable news as Coinbase and Circle both continue to show their high levels of regulatory cooperation.

With so many stablecoins throwing their hats into the ring, it can be easy to lose track of them all.

Stablecoins on the market include Tether (USDT), Paxos Standard Token (PAX), Gemini Dollar (GUSD), True USD (TUSD), USD Coin (USDC), nUSD (NUSD), Dai (DAI), bitUSD (BITUSD),NuBits (USNBT), and White Standard (WSD), all of which appear on coinmarketcap.com.

This list does not even include the stablecoins aiming to peg to non-USD currencies, like the bitEUR (BITEUR) for example.

Remaining stable throughout market movements has also proven difficult in some cases, even for the popular newer stablecoins.

GUSD saw prices as high as $1.19 per GUSD at one point in October, proving the coin to be less than stable at times. PAX also fluctuated in price quite a bit around the same time frame, shooting up to prices of roughly $1.07, according to coinmarketcap.com. Although for the most part, prices appear to have a closer 1:1 pegging since.

Image Courtesy: Coinmarketcap.com

Regardless of the rumors around Tether though, USDT does have a decent track record of holding its 1:1 dollar peg for years, for the most part – or at least it appears that way on the coinmarketcap.com charts. Time will tell how well the other stablecoins hold up to the test of time.

Image Courtesy: Coinmarketcap.com

*CryptoInsider is sponsored by Blockmodo. As part of our arrangement, we may occasionally link to them and quote them when appropriate. This is done at the discretion of CI staff and CI sponsors have no say in any editorial decisions made by CI.

Written by

BJ is a full time writer, editor, and trader in the cryptocurrency space. He has written many professional articles for numerous ICOs, news sites, and other interested parties in the crypto space. He is also a trader, staying up to date with the crypto markets constantly, and dabbling in traditional financial market trading occasionally.

Latest comment
  • Nice new development. This gives people a real choice.

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.