Binance launches stablecoin markets for Litecoin [LTC], Tron [TRX]
Earlier today Binance launched stablecoin markets for Litecoin [LTC] and Tron [TRX]. The crypto exchange announced that it will open trading for LTC/TUSD, LTC/PAX, LTC/USDC, TRX/PAX and TRX/USDC.
Binance recently published an article citing the advantages of investing in stablecoins. “Stablecoins is the best option for converting fiat into crypto for trading on Binance because the exchange does not charge deposit fees for your stablecoin transactions. This will provide savings on your part compared to other methods of buying crypto with your US dollars,” wrote the company.
“Binance stablecoin withdrawal fees, which usually range from US$0.80 to $1.50. These rates are at the low end when it comes to the crypto exchange industry,” added the company.
Currently, Binance hosts four stablecoin namely Tether [USDT], Paxos Standard [PAX], USD coin [USDC] and True USD [TUSD]. The company wrote on the blog that PAX, USD and TUSD has trusted channels for fiat to stablecoins. Tether is found missing from the list. This doesn’t come as a surprise as the stablecoin is embroiled in several controversies including the dollar backing of the stablecoin. However, Binance indicated that “Stablecoins listed on Binance are backed by US dollar on a 1:1 basis, so there is no uncertainty about the conversion rate”.
Last year, the crypto exchange giant combined Tether [USDT] markets and rolled out a unified stablecoin market named USDⓈ. The exchange aimed to support all stablecoin pairs with stablecoin as the base on a unified platform.
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