Bitfinex, one of the world’s leading cryptocurrency exchanges have listed four new stablecoins according to reports, in an attempt to shred some of the growing market share of Tether. Over the past day, the market capitalisation of Tether has shot up, suggesting that more USDT Tokens have entered the markets, something that is likely to have caused the recent plunge in the price of Bitcoin.
By listing further stablecoins, investors that use Bitfinex are given access to further alternatives, meaning they won’t be forced to choose between USDT or DAI (the two stablecoins currently active on the Bitfinex exchange). This in turn means some of the Tether monopoly has shrunk.
The stablecoins added to Bitfinex are USDC, TUSD, PAX and GUSD. The sister exchange of Bitfinex – Ethfinex, will also be listing these new additions to. According to the official Bitfinex announcement:
“From today customers of Bitfinex and Ethfinex will be able to trade all six major stablecoins on both exchanges. At Bitfinex and Ethfinex we are dedicated to providing a high quality, unbiased meeting place for every ecosystem and customer. We were the first to introduce alternative stablecoins onto our platform, including Dai (an Ethereum collateralised stablecoin), and now proudly introduce the following established stablecoins: USDC, True USD, Paxos, and Gemini USD. All stablecoins on Bitfinex and Ethfinex will be traded against USD.”
UDSC (US Dollar Coin) has recently seen a big push for adoption and is now listed on over 35 exchanges across the globe, with further adoption from around 70 wallets and other protocols too. As a result of this, many believe that USDC will be a solid competitor to Tether, the most popular stablecoin as the time of writing.