According to Bitfinex’s blog post,In a blog post, Bitfinex announced that it just added four new USD-backed stablecoins to its platform.
Now joining Tether (USDT) and Dai (DAI), the recent additions are USD Coin (USDC), Paxos Standard Token (PAX), True USD (TUSD), and Gemini Dollar (GUSD). Bitfinex’s sister exchange Ethfinex has also adopted all four stablecoins.
Bitfinex and Ethfinex have made a decision to give traders more alternatives other than the Tether stablecoin and push their platforms to be more “agnostic.” The joint blog post of both companies said:
“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 >collateralized stablecoin), and now proudly introduce the following established stablecoins: USDC, True USD, Paxos, >and Gemini USD.”
The decision of adding more stablecoins may have been ignited by the recent issues of Tether. Before the four stablecoins were introduced, Tether was the cryptoshere’s go-to stablecoin. Unfortunately, Tether was affected by the bearish market conditions.
In November, the stablecoin fell to US$0.95 – its all-time-low. This led to the wobble of Tether’s dominance in the business. The popularity of other stablecoins has also expanded as traders started looking for substitutes.