Binance has announced that Paxos Standard will be a base token in its new combined stablecoin market. The Crypto exchange is currently the largest on the globe when it comes to daily trading volumes as well as by the number of users on the platform. It also enjoys more than twice the trading volumes seen by its closest competitor.
PAX New Base Pair
As was previously reported, Binance is currently in the process of developing a combined stablecoin market it has dubbed the USDⓈ. It has just been unveiled that Paxos Standard is to be a base pair within the newly created USDⓈ stablecoin market.
As of the time of writing, Paxos Standard was trading only against USDT on the platform. However, going by the press release received yesterday morning, Tuesday, there will be more trading pairs being added onto the platform. The press release stated that when trading on the platform commences PAX will be paired with six different tokens on the Binance’s new stablecoin market. The tokens include BNB, EOS, ETH, BTC, XLM and XRP.
Although USDT remains the most preferred stablecoin on the Crypto exchange, Binance seems to be offering more variety with the addition of more stablecoins. Before these other stablecoins were added onto the platform, a use had to convert PAX into USDT in order to trade on the other listed trading pairs on the platform. Although this is still the current situation on the platform, news that PAX will be included as a base pair shows that Binance is serious about expanding its stablecoin market.
Users To Recommend More PAX Trading Pairs
Dorothy Chang, the head of Marketing for Paxos has said that clients looking to see the creation of more trading pairs should utilize the PAX token on the platform and they would have more opportunities to recommend for the trading pairs they would like to see. She stated that more trading pairs would be added depending on customer demand and therefore users should continually request for the trading pairs they would like to see with PAX.
Binance has announced that the new PAX trading pairs will be available from the 29th of November. Should the volumes of the PAX trading pairs increase significantly, it is expected that more PAX trading pairs will be added onto the platform, much as was the case with USDT. It is still to be seen whether Binance will include USDC or GUSD onto the new stablecoin market.
Both stalecoins are issued by Binance’s competitors within the Crypto exchange market; USDC is issued by Circle which operates the Poloniex Crypto exchange. However, PAX is also issued by an entity that also operates a Crypto exchange so the addition of the two stablecoins being added onto the market cannot be completely ruled out.
Binance Stablecoin In The Works?
With Binance creating the USDⓈ stablecoin market, the rumours within the Crypto community that it may be aligning itself to offering its own stablecoin has been fueled. Time will tell whether this is actually in the pipeline for the Crypto exchange.