Binance is in the process of creating a unified stablecoin market, which it calls USDⓈ, and the Paxos Standard will now be its base token.
PAX was still trading against USDT in the market, but many other pairs will be added to the exchange as well, according to a Tuesday morning press release.
“BNB, BTC, ETH, XRP, EOS and BNB, BTC, ETH, XRP, EOS, and BNB when trading starts. Six pairs will be listed on the Binance USDⓈ market for PAX against XLM.”
USDT is still the most used stablecoin on Binance, but it seems to be on the rise with other tokens. Before the aforementioned pairs were added, the user could only convert PAX to USDT and trade the pairs listed in USDⓈ.. While this is somewhat of a follow-up situation, it does show that Binance is open for experiments.. In addition, how much benefit it is now; PAX was trading 2 cents more against USDT. In addition to the $20,000 arbitrage opportunity, a $1 million process. Paxos chief marketing officer Dorothy Chang says customers who want to see more pairs should use Pax tokens on the exchange and request for more pairs to be added.
“More will be added based on customer demand, so if If people want more, they should ask Binance to add more pairs that can be traded with PAX.”
Trading of PAX pairs is expected to start on the morning of November 29th.. If the volume of new pairs is substantial, Binance will add more pairs, as they did with USDT.. Still no word on when Binance will add USDC and GUSD. To be clear, these tokens were traded by two rival exchanges.. For example, if it is spoken for USDC; As veteran as Binance, its creator Circle, owner of Poloniex and king of the stock markets, chooses to inflict defeat. However, Paxos was launched by itBit, which also manages the exchange.
The creation of the USDⓈ market raises speculation that Binance may be working on its own stablecoin.. There are certainly points to support this, but judging by their history, they were reluctant to interact too much with the banking system; Instead, they prefer to be a clearinghouse and trading platform for many cryptocurrencies.
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