Binance plans to add new stabilini
Cryptocurrency exchange Binance is actively exploring new stabilini that can complement the three that are already available on its platform.
“We hope to be able to add more tablconv on its platform,” said CFO Binance Wei Zhou in conversation with CoinDesk.
However, he noted that the latest initiative of the exchange not associated with a loss of confidence in stabilio USDT, which this week lost the peg to the US dollar and continues to trade below $1 at the time of publication.
“Overall, we believe that it is equalized. We will continue to support USDT,” said Wei.
Interest in alternative stabilium Binance started to show even before the recent events around the Tether. Exchange has added support for the Standard Paxos (PAX) at the end of September, and TrueUSD (TUSD) in may. Wei said that a team of researchers at his company evaluates almost all on the market tablconv and leaning to the listing Gemini Dollar (GUSD), released by the Winklevoss brothers. They also lost the peg to the dollar last week, however, in contrast to USDT, went up.
Commenting on the launch units in Uganda to work with Fiat money, Wei said:
“Instead of holding bitcoin, companies prefer to hold more tablconv because the dollar remains the base currency of these countries. This is just one of the applications, which distinguishes this part of the world from the others.”
Speaking about the situation with Tether, he said:
“We really believe that this stabilin as a separate unit at present is critical to the ecosystem because it gives investors an alternative to store value in something that they can rely on.”
This week, however, Binance had to temporarily interrupt the output USDT, after investors started to withdraw their funds. Wei argues that the dynamics was driven by “rumors, which spread illegal” about the Tether. However, he said: “From their position we believe that the market is always right”.