The demand for stablecoins doesn’t seem to be ending as nearly all exchanges are adding them to take advantage of the stablecoin craze among its users. The recent addition to the list of exchanges is Cobinhood which has added four stablecoins to its platform.
GUSD, DAI, PAX and TUSD now available on Cobinhood
Cobinhood, a cryptocurrency service platform, and exchange, in order to satiate the growing demand of stablecoins among the users announced that it is adding four (4) stable coins on its exchange: the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD). THe exchange believes that each of these stablecoins has a unique set of features that achieve same end result: increased market stability and user flexibility.
On this latest addition, the Co-Founder of Cobinhood, Wei-Ning Huang, was quoted saying
“The biggest flaw in the market right now is uncontrolled fluctuations in the value of many customary cryptocurrencies. We are increasing the presence of stablecoins on the COBINHOOD exchange so the community understands that their voices have been heard and stability is being made possible. Our mission is to make the space more approachable for anyone who wants to participate.”
Stablecoins have been the recent trend among the crypto enthusiasts apart from providing stability they also seem to be a bridge between the traditional financial world and the cryptoshpere.
Over past month or so a lot of exchanges have added stablecoins. Last month Huobi also had announced it would list four U.S. dollar-pegged cryptocurrencies this week. In the announcement then, the Singapore-based exchange which currently has the fourth-largest by trading volume had said that it would open deposits and withdrawal for TrustToken’s TUSD, Circle’s USDC, and two regulator-approved stablecoins: the Gemini exchange’s GUSD and Paxos’ PAX, on Oct. 19.
Another exchange, Liquid, which known to be a trading platform that bridges fiat and crypto, this week had added a couple of stablecoins. The exchange had announced that it has added multiple stablecoins including Gemini Dollar (GUSD) and Circle’s USDC.
In early November Circle, in its official blog post, had said that not less than 12 exchanges have expressed their plans of joining the ecosystem for the incorporation of the USD coin. Some of the exchanges that were named in the blogpost were The exchanges are BitMart, Fcoin, Gatecoin, Hanbitco, Hotbit, SWIFT, OCP Capital, DDEX and Bit-Z. Others that had shown interest for USDC also included Nexo a crypto loans provider and crypto wallets providers BitKan and Tokenary
Looking at the recent listings of Stablecoins one can definitely say their demand is at the peak now and if the inference of them being a bridge between the crypto world and traditional financial world is true, we can be sure that this money would soon be converted to cryptos.
What is your view on this Stablecoin frenzy. Is it a fad or are these coins here to stay? Do let us know your views on the same.
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]