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Bitfinex and Ethfinex users will now be able to trade in all six major stablecoins available in the market. The platforms were already providing Tether and DAI for trading. The four newly added stablecoins are USDC, Paxos Standard Token, Gemini Dollar and True USD. The newly added coins will be available for trade against USD.
Moving Away From Tether
Bitfinex is making a move away from Tether. The coin, which was introduced in 2014, was the only option for traders who wanted to trade in a stablecoin on the platform. It helped in providing the stability of the US Dollar and assured users that the coin is 100% backed by the currency. Tether’s boom in 2017 has encouraged other players in the market to launch their own alternatives.
With this move, Bitfinex now lists DAI, a stablecoin collateralized on Ethereum, and 5 other coins pegged 1:1 to the US Dollar. Bitfinex wrote in a blog post announcing the addition:
“At Bitfinex and Ethfinex we are dedicated to providing a high quality, an unbiased meeting place for every ecosystem and customer.”
After talking about being the first to introduce DAI, Bitfinex noted:
“[Bitfinex and Ethfinex] now proudly introduce the following established stablecoins: USDC, True USD, Paxos, and Gemini USD.”
Ethfinex Trustless Also Lists Stablecoins
Ethfinex also announced that the users of Ethfinex Trustless would be able to trade in all six stablecoins directly from their private wallet. However, trading will only be opened when enough liquidity has been achieved.
Ethfinex Trustless is a fully decentralized token trading exchange launched in September 2018. Users of the Trustless platform can easily trade with the order books of Bitfinex and Ethfinex (which have more liquidity) without surrendering fund custody. This helps in making the transactions speedier and more secure.
Ethfinex noted that stablecoins provide a “fantastic opportunity” for wider adoption of blockchain using the stability of fiat currencies.
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