Binance Expands Tether (USDT) Pairs, Prepares Passive Income Surprise
The leading exchange is still among the top markets for USDT-based trading, expanding its pairs to several altcoins.
Binance will expand Tether (USDT) pairs to several altcoins,
setting up new channels for liquidity flows. Trading will start this August 27 for the following pairs: DENT/USDT, MFT/USDT, KEY/USDT, STORM/USDT, DOCK/USDT, WAN/USDT, FUN/USDT and CVC/USDT. Some of the coins listed are relatively obscure or have been forgotten in the latest altcoin slump, such as Civic (CVC) and FunFair (FUN). WanChain (WAN) is currently having something of a revived interest.
The USDT stablecoin has continued to expand its influence, while becoming instrumental for price discovery for multiple assets. USDT now takes up more than 34% of all crypto-to-crypto trades, displacing Bitcoin (BTC) from its leading position. Even as a part of multiple base pairs, BTC takes up around 30% of all trades, and USDT has marked significant growth in the past few weeks. Despite the increased prevalence of USDT pairs with altcoins, prices remain depressed and the assets are extremely risky and volatile. Binance has issued a warning in setting up the new pairs. The exchange may announce new changes to allow for passive income, at least as hinted by its CEO,
Would you like to earn #crypto while you sleep?
Keep an eye on @binance today.
Following the news, Binance Coin (BNB) inched up slightly to $26.95, managing to keep most of the year’s gains, though weakening from its recent peaks above $34. Binance has just completed the Perlin (PERL) token sale, with expectations of launching trading soon. In the past, Binance did not grant USDT pairs to newly listed assets, but now, almost all new additions receive stablecoin pairs, including smaller stablecoins such as TrueUSD (TUSD) and USDC. Currently, USDT coins flow into BTC and a handful of major altcoins, but there is also a lively trade with Paxos Standard (PAX) and TUSD, which are fully backed by fiat and offer a way to liquidate funds.
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