Binance Exchange Renames Tether (USDT Market) to USDⓈ Combined Stablecoin Market
A huge change that will impact the stablecoin market was recently made by Binance, the largest crypto exchange in the world. Binance has decided to rename its Tether markets as Stablecoin Market (USDⓈ). The move was made because the company is focused on supporting more trading pairs with different stablecoins as their bases.
The original announcement was made on the site and it affirmed that the company had decided to rename the market from USDT to USDⓈ. This, they affirmed, would allow them to support more stablecoins.
It was also revealed that the company was intending to make a further announcement soon about the exact trading pairs that were moved or added to the market individually.
Another important fact that the exchange deemed that it was very important to understand that USDⓈ is not the symbol of any new stablecoin in the market, only a symbol used for this collective market.
At the moment, Binance has the following stablecoins listed on its platform: Tether (USDT), Paxos Standard Token (PAX), listed on September 21; TrueUSD (TUSD), listed on May 16; and USD Coin (UDC), listed on November 15.
What Will Happen To Tether?
It is clear that Binance is pushing for a new stablecoin market and that the exchange seems to be planning something, however, is it not yet clear what it is. Many people have reacted differently to the news and some people may have different interpretations.
For instance, it may look like what Binance is actually trying to do here is to replace USDT as its main stablecoin. Tether is the one that has much to lose in this new version of the company’s business.
However, there are other explanations that can still be used to understand the situation. For instance, one may read the situation as Binance simply giving to its loyal customers what they wanted the most: more trading options and services. With a larger market, they can have more options to use stablecoins.
The only aspect that is sure is that the company is making a shift in its stance about supporting Tether instead of a more varied market. How will this affect the market? Too soon to say. Why is the company doing this, exactly? Nobody is sure just yet.