Bitfinex and Ethfinex now support four new stablecoins

According to a post published on Medium on December 4, cryptocurrency exchange platforms Bitfinex and Ethfinex are now supporting four new stablecoins.

As per the announcement, both exchanges will now list USD Coin(USDC), TrueUSD(TUSD), Paxos Standard(PAX) and Gemini USD(GUSD). By listing new stablecoins, the total count of stablecoins on these exchange platforms is now six. The other two stablecoins are Dai(DAI) and Tether(USDT).

Bitfinex’s move is aimed at creating a “high quality, unbiased meeting place for every ecosystem and customer.” Both the exchanges will take note of that deposits and withdrawals for the listed stablecoins are limited to verified traders on their platforms, also adding that trading verification status does not disturb trading.

Earlier in November, Bitfinex mentioned its mission is to serve as an agnostic trading platform by adding USDT/USD and EURT/EUR as trading pairs. The inclusion of new stablecoins was in partnership with the launch of a direct 1:1 recovery of Tether to fiat currencies on Tether’s platform.

Among the latest additions in the stablecoin market, USDC is perhaps the best performing asset with a value of $178.8 million, ranking 31st in the market capitalization of cryptocurrencies; followed by PAX at the 32nd position with a market cap of $175.2 million, and Gemini(GUSD) ranking 69 with $60.6 million.

Coins launched before the newcomers such as TUSD, rank 28 with $201 million, whereas DAI stands at number 64 with $63.3 million of market capitalization.

Bitfinex and Ethfinex now support four new stablecoins

Whereas, Tether is currently the seventh most invaluable cryptocurrency with over $1.85 in market capitalization.

With Bitfinex and Ethfinex listing these stablecoins on their platform, it gives platforms like these to consider themselves as major digital currency exchanges by adding more stablecoins on their platforms in the near future.

In October, there were rumors of Bitfinex going insolvent and running without banking services, with not much cash to back up Tether. Although Ethfinex was under beta test until September, the platform has not received any negative criticism.  

Despite the volatility in price and investor concerns, Bitfinex still receives the demand to include more stablecoins on its platform.