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Bitfinex Lists 4 Stablecoins as Tether Slowly Loses Market Dominance

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Bitfinex Stablecoin

Bitfinex announced on Tuesday that it will now be supporting four new stablecoins and they are USDC, TUSD, PAX, and GUSD. This latest development comes as a time when Tether’s USDT continues to come under pressure, with Bitfinex one of the companies behind the stablecoin.

Bitfinex and Ethfinex now support multiple stablecoins

The cryptocurrency exchange announced that it now supports four more stablecoins, adding that they alongside their spinoff Ethfinex now offer support for six major stablecoins, with USDT and Dai already listed on these platforms.

The exchange stated that; “At Bitfinex and Ethfinex, we’re dedicated to providing high quality, an unbiased meeting place for every ecosystem and customer.” They also stated on Medium that from that Tuesday, their customers will be able to access all the major stablecoins on their platforms. The new stablecoins listed are USDC, True USD, Paxos, and Gemini USD. They will now be added to their existing Tether and Dai offering.

The exchange further stated that “deposits and withdrawals for stablecoins added today are limited to verified traders across our platform. Trading remains unaffected by verification status.”

 

Bitfinex might be moving away from Tether

Bitfinex has faced several criticisms over the past few months for its association with Tether and the listing of these four stablecoins might be a move in the right direction. Tether and Bitfinex shared two key executives, Giancarlo Devasini and Phil Potter for a while and the two have been accused of price manipulation during the Bitcoin price late last year. They were accused of printing more Tether dollars that weren’t actually backed by physical U.S dollars.

A research paper was published by the University of Texas claims that the stablecoin was used to artificially inflate the price of Bitcoin anytime a sharp decline in price was experienced last year. They claimed that USDT was used in pushing the price of Bitcoin throughout last year.

Tether and Bitfinex have been working to dispel such rumors and clean their images. The allegations led to the resignation of Potter, who was serving as Bitfinex’ chief strategy officer back in June. He stated back then that Bitfinex deciding to move away from the U.S was the primary reason behind his resignation. The listing of these four stablecoins could mean that Bitfinex is looking to distance itself from Tether.

 

With USDT currently on a downward spiral, USDC, the dollar-pegged stablecoin created by Coinbase and Circle is slowly becoming popular as it continues to gain widespread adoption. Jeremy Allaire tweeted that…

 

With Bitfinex listing the stablecoin, USDC is now listed on more than 35 cryptocurrency exchanges as it continues to become popular.

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