Binance And HitBTC Add New Stablecoins To Their Listings
This week, two large exchanges Binance and HitBTC expanded their listings with new tokens, such as Gemini Dollar and Paxos Standard.
The HitBTC trading platform began supporting the stablecoin Gemini Dollar (GUSD), created by Gemini, a crypto exchange owned by the Winklevoss brothers. The team tweeted that it strongly supports the concept of tokens pegged to fiat currencies. The sale of the new stablecoin became available at 20:30 (UTC). Currently, Gemini Dollar is traded in pairs with bitcoin, ether, EOS, and USDT, a stablecoin of Tether.
HitBTC strongly supports the concept and philosophy of stablecoins. And today we’re happy to open markets for the Gemini Dollar ($GUSD), https://t.co/FsQcee1h2x, on HitBTC. Trading is available from 20:30 UTC against $BTC, $ETH, $USDT, and $EOS. pic.twitter.com/j5ZN9fAVGt— HitBTC (@hitbtc) September 20, 2018
Twitter users perceived the news ambiguously. In particular, the community was interested in the relevance of the trading pair GUSD/USDT, because this transaction involves the exchange of the US dollar for the same dollar.
Binance also listed a new stablecoin Paxos Standard (PAX). It was developed by Paxos Trust, which operates under the supervision of the US Securities and Exchange Commission. The tokenized dollar is available in pairs with bitcoin and the native cryptocurrency Binance Coin (BNB). The latter ranks 17th in terms of capitalization and is traded at $10, according to CoinMarketCap.
To this news Binance's Twitter subscribers responded with a request not to add tokens that “nobody knows” to the exchange. Some users reported that they expect the appearance of the Tezos (XTZ) crypto on Binance.
Both stablecoins were launched independently of each other on September 10. The developers of Paxos Standard stated that the coin was approved by the New York authorities and received support from the New York State Department of Financial Services (NYSDFS). Gemini dollar also received regulatory approval and became the first regulated stablecoin in history. The stablecoins will provide liquidity to the dollar transactions in the Ethereum network.