Binance is looking to list more stablecoins

19 Oct, 2018
by David Robb
News
Binance is looking to list more stablecoins

Leading crypto exchange Binance is currently looking into an expansion of its stablecoin offering. The exchange, which currently offers trading of Tether along with two other stablecoins, is now hoping to list "a few more".

Binance's Chief Financial Officer Wei Zhou made the comments in a recent interview with Coindesk. Despite its plans for expansion into different stablecoins, he insisted that the exchange "will continue to support USDT", and that these plans predate Tether's recent troubles. Zhou believes that the USDT price fluctuations, which forced Binance to temporarily suspend withdrawals, will eventually "even out".

Read more: Bitfinex statement in the midst of Tether storm: fiat deposits open in 24 hours; Will TrueUSD replace Tether as the top stablecoin?

Binance recently expanded into Uganda, and this process apparently gave the exchange some renewed insights into the importance of stablecoins. Zhou claims that institutions in the developing world "actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That's just one use case that we've seen that's different in this part of the world, versus other parts of the world."

Read more: Binance has launched its very first fiat-crypto exchange with two pairs

The main candidate for the next stablecoin to be listed on Binance is probably the Gemini Dollar (GUSD). The exchange added support for Paxos Standard (PAX) in September, and TrueUSD (TUSD) back in May.

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