IDEX Decentralized Exchange Adds TUSD (TrueUSD) and USDC (USD Coin) Stablecoin Support
Idex To Start Supporting TUSD (TrueUSD) Stablecoins And USDC (USD) Coin
Idex is a popular decentralized blockchain-based exchange. On Tuesday, October 2, 2018, the company released a media news announcement stating that it would now be providing support for the TrueUSD stablecoins from Trust Token and the USD Coin from Circle. The trading pairs that are currently being supported by the exchange include:
Circle Internet Financial recently introduced the USDC, which has been attached to the United States Dollar. This is a complete stablecoin that is able to provide detailed operational and financial transparency. It strictly operates within the framework provided by the United States Money transmission laws.
USDC is the very first fiat based stable coin to be developed by CENTRE. Centre is a membership organization that utilizes the open source concept. Currently, Circle is one of the few members who have gone on to launch USDC issuance.
TrueUSD from Trust Token is another stablecoin that has been attached to the dollar. TUSD provides its token holders will complete collateral, frequent attestations of its escrow balances, and complete legal protection against misuse of the underlying USD.
Alex Wearn, Idex’s CEO stated that they were excited to provide TUSD from Trust Token and USDC from Circle as one of the base currencies on the IDEX exchange. The addition of the two stablecoins not only provides the platform users with additional and streamlined fiat on-ramps, but it also provides them with an ability to exercise a new set of trading strategies.
These are trading strategies that will help them overcome the volatility that has become common on the ETH blockchain and other similar digital trading assets. With time, the exchange is expected to continue exploring the addition of new stablecoins as base currencies on this platform.
The IDEX Exchange was started as part of the AURORA Project. This project formed a collection of ETH-based applications, which collectively formed a decentralized finance and banking platform. In creating this exchange, the team behind its development was hoping to come up with a stable, open, and advanced financial network.
This is a network that would be easily accessible by users spread across the globe. Despite the fact that the platform was just recently opened, IDEX has started to attract an increased number of users. This is mainly because of the fact that it allows ERC20 Tokens holders to easily list as well as trade in their preferred cryptocurrencies.
The exchange has noteworthy features, which include:
The IDEX exchange uses a simple, but a well-designed interface that includes essential exchange features such as encrypted wallets and Trading View Charts. Overall, it is able to provide a fast trading experience, which also makes use of off-chain trading engines. The trading engines work hand-in-hand with the Ethereum Smart Contracts.
The use of smart contracts, transaction processing arbiters, and trading engines means that the digital assets are safely stored on this platform. Trade settlements that have been executed by the traders can only be sanctioned through the use of the private keys held by individual users. Platform users can also trade via Ledger and Metamask wallets.