HomeTodays NewsBinance announces ATOM trading pairs with stablecoins; abstains from pairing with Tether [USDT]
Binance announces ATOM trading pairs with stablecoins; abstains from pairing with Tether [USDT]
May 7, 2019
While the Tether/Bitfinex fiasco continues to boil over with allegations and counter-allegations from all involved parties, a major cryptocurrency exchange has reportedly tried to dodge the Tether bullet, at least until the controversy cools down.
In a new development, leading crypto exchange platform, Binance, announced the addition of trading pairs ATOM/USDC, ATOM/PAX, and ATOM/TUSD. Notably, ATOM was not paired up with Tether [USDT]. In a blog post, the exchange specifically mentioned,
“Binance will make best efforts to choose high-quality coins, but will not be responsible for your investment losses.”
Following the announcement, many in the crypto community noticed the absence of the USDT pairing. A Twitter user, @KZŁi, posted,
“Obviously, USDT is out?”
Tether [USDT] was dominating the stablecoin trading market for a long time. According to Exchange review for March 2019, BTC trading in USDT accounted for $8.9 million BTC in March, a surge of 43% since the previous month.
Even as Bitcoin [BTC] trading in fiat currencies declined, Tether [USDT] continued to be the most popular stablecoin for trading with Bitcoin. USDT was followed by PAX, USDC, and TUSD. As the news of the alleged cover-up broke out, the collective cryptocurrency market cap dropped by a massive $10 million. The latest Tether and Bitfinex episode hints at the cryptocurrency community losing some faith and trust in the whole market.