Binance has announced that their USD markets will be diversifying into other USD stablecoins. In particular, it appears that PAXOS will be a base token with pairings in BNB, BTC, ETH, XRP, EOS, and XLM. As the news is coming from the biggest exchange in the world, it can have a very serious impact on the crypto industry.
Post Tether Era:
A post Tether era is evidently forming at the moment with the increasing market cap of different stable coins. This proves to be an important indicator that both traders and investors are moving away from Tether especially when given the option to ERC20 based USD coins which are not only more transparent but also regulated and easier to store. To add to Tether’s woes, the US Department of justice is probing Tether-Bitcoin price manipulation on Bitfinex.
TUSD, Gemini Dollar, USDC, Paxos as well as Makerdao are all entering new markets on a near-daily basis. But this new move by Paxos may set it in a league of its own.
Which stablecoin do you think will take over the dominance of Tether in the coming days? Tell us your thoughts in the comments section below.